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FINANCIAL NEWS
Bahrain approves $11.7b budget for 2011-12
26 Oct 2010
(MENAFN) The Bahraini Cabinet has approved the state budget for the two upcoming years 2011-2012, forecasting state revenue to reach $11.67 billion, Reuters reported.
The overall state revenues are estimated to average $5.8 billion next year. An estimated $5.95 billion is expected to enter the state coffers during the 2012 fiscal year.
Under the draft two-year budget plan, the overall state expenditure is estimated to reach $14 billion – $6.7 billion next year and the remaining $7.3 billion in 2012.
Bahrain will secure soft loans from financial institutions, and Arab and Islamic funds. The session approved the draft budget and referred it to the legislative authority for scrutiny.
Under article 109 of the constitution, the government is bound to draw up the draft budgets and refer it to parliament at least two months before the end of the fiscal year.
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