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FINANCIAL NEWS
Bahrain allocates $13.3b to spending budget
06 Jan 2011
(MENAFN) Shaikh Ahmed bin Mohammed Al Khalifa, Bahrain’s Finance Minister, announced that over the upcoming two years, the Kingdom will spend more than $13.26 billion, according to details of the draft national budget, Trade Arabia reported.
Shaikh Ahmed explained that nearly half of the mentioned figure would be allocated to subsidies, while $6.52 billion is to be spent on keeping living costs down for the public. However, there are plans to revise the system to make sure only low-income Bahrainis benefit.
Bahrain’s government will spend $4.23 billion on subsidizing oil and gas products and $2.29 billion on basic needs such as food, housing and electricity and water, said the minister.
With 83 per cent of the Kingdom’s income being generated by oil, revenues are expected to reach $11.62 billion, whereas over the two year period, spending is expected to hit $14 billion, with $11 billion spent on recurrent expenditure and $2.92 billion on projects, explained Shaikh Ahmed.
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