Bahrain Mirror: The Bahraini Cabinet discussed Monday (June 12, 2017) the General State Budget for the two fiscal years, 2017-2018.
The session agreed to refer the draft-law on approving the general state budget for the two fiscal years 2017-2018 to the Council of Representatives, along with a statement on the current financial and economic situation, according to the legal and constitutional procedures in force.
According to the draft budget law approved by the Cabinet, the estimated financial revenues in the fiscal year 2017 amount to about BD 2.2 billion, of which BD 1.7 billion are oil revenues and about BD 500 million are non-oil revenues. Public expenditure is estimated at BD 3.5 billion.
Regarding the 2018 budget, public revenues are expected to reach BD 2.3 billion, including BD 1.8 billion as oil revenues, and BD 560 million as non-oil revenues, while public expenditure is estimated at BD 3.5 billion.
The revenues were estimated on the basis of oil prices of $55 per barrel, while project expenditures for the fiscal years 2017-2018 were estimated at BD 350 million for each fiscal year.
The budget deficit is estimated at BD 1.3 billion in 2017, and BD 1.2 billion in 2018.
Also in the same session, the cabinet approved amending some supplementary legislation to the draft budget law concerning the issuance of development bonds and the Future Generations Fund.