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State budget consensus reached

A comprehensive consensus has been reached to amend the draft state general budget for the fiscal years 2019-2020, said Shura Council Financial and Economic Affairs Committee Chairman Khalid Al-Maskati.

The consensual agreement incorporates most of the demands submitted by the Shura and Parliamentary committees for Financial and Economic Affairs.

Under the deal, the revenues of the Oil and Gas Holding Company (Nogaholding) will be added to the budget, on the basis BD56.4 million for each fiscal year.

Mumtalakat Holding Company, the sovereign wealth fund of the government of the Kingdom of Bahrain, will also increase its contribution to the state budget up by BD10 million for each fiscal year to reach BD30 million.

The Government has agreed to increase the revenues of 8 state departments – The National Health Regulatory Authority (NHRA), the Ministry of Youth and Sports, the Ministry of Information Affairs, the Ministry of Works, Municipalities Affairs and Urban Planning, Mumtalakat and Nogaholding.

The non-oil revenues in the budget will stand at BD71142066 for the fiscal year 2019 and 72742112 for the fiscal year 2020.

Regarding recurrent expense, the Government agreed to increase social aid by BD55.513 million for each fiscal year.

The budget of the Ministry of Information Affairs will be increased by BD600,000 for 2019 and BD1.2 million for 2020.

The housing allowance will also boosted by BD4 million for each fiscal year, the Sunni and Jafferi Endowments by BD57.796 million (2019) and BD58.473 million (2020).
Page last updated on: 07/05/2019 10:53 AM