Minister of Finance holds a press briefing on the Fiscal Balance Program

Manama, Feb. 4(BNA): The Minister of Finance and National Economy, HE Shaikh Salman bin Khalifa Al-Khalifa, today held a press briefing on the Fiscal Balance Program during which HE the Minister highlighted the program’s latest developments and successes. HE the Minister confirmed that the government is on track to achieving all Fiscal Balance Program objectives that aim to enhance citizens’ living standards. HE the Minister highlighted the latest developments of the USD 10 billion Financial Support Agreement signed between the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the United Arab Emirates and the State of Kuwait, and reviewed the proposed mechanisms that aim to achieve a balanced budget by the end of 2022. HE the Minister affirmed that Bahrain’s positive economic growth is being maintained in parallel with the Fiscal Balance Program despite challenges, noting that, as a result of Bahrain’s continuous diversification efforts since 2002, the Kingdom’s annual non-oil growth rate sits at over 7.5 percent with the non-oil sector now contributing more than 80 percent of GDP. HE the Minister affirmed that initial estimates reveal a decrease of 35 percent in comparison to the 2017 state budget deficit as a result of successful budget restructuring measures introduced in 2015 in addition to the Fiscal Balance Program. HE the Minister then recognized the important role the media plays in increasing citizens’ awareness of current initiatives and growing global understanding of Bahrain’s development. HE the Minister concluded by expressing his gratitude to the Legislative Authority and the private sector for supporting the Ministry of Finance and National Economy, noting that these individuals and bodies represent key propellers in inclusive economic growth.