Ministry of Finance and National Economy releases preliminary fiscal data for 2020
Manama, Feb.8 (BNA): The Ministry of Finance and National Economy (MOFNE) today announced its preliminary fiscal estimates for 2020, noting that despite the twin shocks of the COVID-19 pandemic and lower oil prices, the Kingdom has ensured strict fiscal discipline in 2020 and is committed to continuing its Fiscal Balance Program to achieve its medium-term targets.
The Ministry announced that preliminary data for 2020 showed that total public revenues amounted to BHD 2,139 million, a decrease of BHD 807 million compared to the approved budget. The Ministry also highlighted that the decline was driven by lower global oil prices, adding that oil revenues amounted to BHD 1,250 million, a 40% decrease of BHD 846 million compared to the approved budget. The ministry further indicated that the total fiscal deficit amounted to BHD 1,624 million, an increase of BHD 817 million.
The Ministry concluded by emphasising the importance of doubling efforts to overcome all challenges presented by current unprecedented global circumstances, and underscored the importance of further strengthening the Kingdom’s development and achieving the goals of the Fiscal Balance Program.
