Gov’t Sets Budget, Demands Parliament’s Approval to “Increase Public Debt Ceiling, Utilize FGF”
2017-06-14 - 8:53 am
Bahrain Mirror: The Bahraini Minister of Finance Ahmed bin Mohammed Al Khalifa said that the equilibrium price Bahrain needs is $119 per barrel. Meanwhile, the draft law of the general state budget approved by the government was set on basis of $55 only.
The minister said that the 2.5 billion BD deficit will be financed by borrowing from international and local markets through development bonds, treasury bills and other financial tools that comply with the Islamic (Sharia) law.
Two supplementary legislations concerning increasing the ceiling of public debts and allowing to utilize the Future Generations Funds accompany the draft-law of the general state budget for the two fiscal years 2017-2018 that is referred the Council of Representatives.
Bahrain, that receives aids from its neighbouring Gulf States, is facing financial difficulties with the oil price decline, which made it increase the ceiling of the public debt that is expected to exceed 60%.
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