The Ministry of Finance and National Economy issues details of the state budget for the fiscal years 2019-2020

Manama, May 31 (BNA): The Ministry of Finance and National Economy has issued details on the state budget for the fiscal years 2019-2020 that has been passed into law following HM the King’s ratification and its approval by the Shura and Representative Councils. The Ministry of Finance and National Economy has published tables revealing the details of the total state revenue and expenditure for the Fiscal Years 2019 and 2020 on its website. The tables provide details of the total public revenues by ministries and government agencies in addition to their recurrent expenditures. Furthermore, the tables also provides details of government subsidies, ministerial project expenditure, and the expenditure and revenues of the Capital Secretariat and all other municipalities. The budget for the fiscal years of 2019 and 2020 estimates the State revenue to be BHD 5,762,194,913. Of this, BHD 2,815,701,359 is expected to be generated in 2019, and BHD 2,946,493,554 in 2020, in accordance with table (1) and (2) accompanying the law. The budget for the fiscal years of 2019 and 2020 estimates the State expenditure to be BHD 7,058,869,660. Of this, BHD 3,511,677,330 is allocated for the fiscal year 2019, and BHD 3,547,202,330 for the fiscal year 2020, in accordance with appendix (1) accompanying the law. The tables also detail the state’s estimated recurrent expenditure for the fiscal years of 2019 and 2020, which is estimated at BHD 6,658,869,660. Of this, BHD 3,311,677,330 is allocated for 2019, and BHD 3,347,202,330 for 2020, in accordance with tables (1) and (3) accompanying the law. The budget for the fiscal years of 2019 and 2020 estimates the State’s project expenditure to be BHD 400,000,000. Of this, BHD 200,000,000 is allocated to 2019, and BHD 200,000,000 to 2020, in accordance with tables (1) and (4) accompanying the law. The budget for the fiscal years of 2019 and 2020 estimates the amount transferred from the oil revenues to the future generations reserve fund to be BHD 41,172,000. Of this, BHD 20,586,000 will be transferred in 2019, and the same amount for 2020, in accordance with table (1) accompanying the law. The state budget for the fiscals years 2019-2020 estimates government budget deficits to reach a total of BHD 1,296,674,747, of which BHD 695,965,971 is allocated for 2019 and BHD 600,708,776 for 2020. As depicted in table (1), the government budget deficits shall be covered using finances borrowed from the Arab and Islamic financial institutions and funds. All revenues collected in accordance with table (2) will be deposited into the public account, in accordance with the Kingdom’s financial regulations. All expenditures mentioned in tables (3) and (4) accompanying this law, will be spent in accordance with the Kingdom’s financial regulations. The budget for the financial years of 2019 and 2020 estimates the revenue of the Capital Secretariat and other municipalities to be BHD 205,000,000. Of this, BHD 100,000,000 corresponds to 2019, and BHD 105,000,000 to 2020. The estimates of the expenditure of the Municipalities and the Capital Secretariat to be BHD 141,303,000. Of this, BHD 68,435,000 corresponds to 2019, and BHD 72,868,000 to 2020, in accordance to table (5).