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FINANCIAL NEWS
Bahrain to increase expenditure by 11% in 2013 budget plan
26 Jun 2013
(MENAFN) Official data showed suggested that Bahrain’s state spending will soar 11 percent this year more than originally planned, after its parliament approved USD462 million in additional expenditure, Reuters reported.
According to the data provided by Mahmood Almahmood, a member of parliament’s financial and economic committee, Bahrain’s total budget expenditure for this year is now expected to hit USD9.54 billion, up from USD8.6 billion spent last year.
Bahrain’s 2014 spending plan was raised by USD434 million from last November’s initial finance ministry proposal, totaling USD9.7 billion.
Demands within parliament for extra spending, especially to raise public sector salaries by 15 percent, a measure opposed by the cabinet, had delayed approval for several months.
The Parliament had to pass the budget plan on Monday without the public sector pay hike. However, it added rises in pension payments for both public and private sector retirees and higher subsidies for food and other items, to the plan, Almahmood said.
The plan was supported by 23 deputies, while seven rejected it and 10 were absent, he added.
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