The Kingdom of Bahrain on Tuesday said that an additional credit shall be opened for the State’s Public Budget for Fiscal Years 2011 and 2012 for the total amount of BD388.5 million, with the share for fiscal year 2011 being BD96.9 million and the share for fiscal year 2012 being BD291.6 million.
This credit shall be allocated for recurrent expenditure budget ensuing from salaries raise and defraying of living standard amelioration allowance for state civilian, military employees and pensioners and increasing other estimated credit for the ministries and governmental bodies and increasing the reserve account. The deficit ensuing from implementation of the additional credit shall be covered through borrowing from Arab and Islamic financial institutions and funds.
His Majesty King Hamad bin Isa Al Khalifa Monarch of the Kingdom of Bahrain issued Decree-by-Law No. (31) for the year 2011 amending some provisions of Act No. (9) for the year 2011 for ratification of the State’s Public Budget for Fiscal Years 2011-2012 opening additional credit for the budget.
The State’s Public Budget revenues shall be increased for both fiscal years 2011 and 2012 with an amount of BD182.5 million, with the share for fiscal year 2011 being BD7.5 million, and the share for fiscal year 2012 being BD175 million as follows Oil and gas revenues in the State’s Public Budget for Fiscal Year 2012 shall be increased by BD145 million and the estimated non-oil revenues in the State’s Public Budget for Fiscal Years 2011-2012 shall be increased by BD37.5 million whereas the share for fiscal year 2011 shall be BD7.5 million and the share for fiscal year 2012 being BD30 million.
The Minister of Finance has been authorized to implement the State’s Public Budget for Fiscal Years 2011 and 2012 for distribution of the amounts prescribed in article (2) of this Act to the ministries and governmental bodies. The Minister shall report to the Cabinet, the House of Representative and the Shura Council on the distribution of these amounts and carry out the necessary modifications in the recurrent budget figures accordingly.
The Minister of Finance shall issue the necessary instructions for implementation of the procedures of swapping and modifications in the State’s Public Budget for both Fiscal Years 2011 and 2012 and for implementation of the additional credit as well as the necessary instructions for implementation of the procedures of borrowing within the limits of the rules stipulated in this Act.