Manama: the Kingdom has maintained strict fiscal discipline in 2020 and remains committed to continuing its fiscal balance program to achieve its medium-term targets.
This came as the Ministry of Finance and National Economy (MOFNE) announced its preliminary fiscal estimates for 2020, noting that despite the twin shocks of the COVID-19 pandemic and lower oil prices the fiscal balance programme remains
The Ministry announced that preliminary data for 2020 showed that total public revenues amounted to BD 2,139 million, a decrease of BD 807 million compared to the approved budget.
The Ministry also highlighted that the decline was driven by lower global oil prices, adding that oil revenues amounted to BD 1,250 million, a 40% decrease of BD 846 million compared to the approved budget. The ministry further indicated that the total fiscal deficit amounted to BD 1,624 million, an increase of BD 817 million.
The Ministry concluded by emphasising the importance of doubling efforts to overcome all challenges presented by current unprecedented global circumstances, and underscored the importance of further strengthening the Kingdom’s development and achieving the goals of the Fiscal Balance Programme.
