Bahrain’s first half revenues jump 52pc
Bahrain’s mid-year financial report showed a 52 per cent increase in actual revenues collected during the period ending June 30, achieving savings of BD33 million.
This was revealed as the Cabinet reviewed a memorandum by the ministerial committee for financial and economic affairs and fiscal balance, regarding the 2022 mid-year financial report, which highlights the outcome of the kingdom’s commitment to fulfilling its fiscal balance programme.
His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, chaired the weekly Cabinet meeting at Gudaibiya Palace.
The higher revenues contributed to reducing the financing needs to repay international bonds of public debt, including bonds worth $1.5 billion (BD565m), that were repaid until July. This is due to the rise in oil prices in international markets, said a Bahrain News Agency report.
Commenting on the report, Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa said: “These results are clear evidence that the government’s disciplined approach to fiscal responsibility and long-term sustainability is proving effective. Government initiatives to further diversify the economy and attract investment are having a positive impact and will provide the foundations for further growth for years to come.
“While today is an opportunity to acknowledge measurable progress, Bahrain will continue to develop innovative policies to enable private sector growth and support the kingdom’s entrepreneurial spirit.”
Initiatives
The Cabinet affirmed the continuation of initiatives and unifying efforts to achieve the objectives of the fiscal balance programme.
The Cabinet then reviewed a memorandum by the Minister of Labour, regarding the latest developments in employment and training for the first half of 2022.
The memorandum indicated that 14,321 Bahraini citizens were employed, which represents 72pc of the annual goal of the economic recovery plan’s priority plan to employ 20,000 Bahrainis annually until 2024, and a decrease in the unemployment rate from 7.5pc to 5.7pc.
These outcomes followed the financial and economic packages that were launched during the Covid-19 global pandemic, the economic recovery plan and the launch of the national employment programme.
Source: https://www.gdnonline.com/Home/Details/1140008
