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Bahrain’s council of ministers last week approved a two-year budget for 2015-16 with a 74% rise in the projected deficit to BD3.04bn ($8.05bn) compared to the aggregate deficit for the two previous years (see table).
Unveiling the budget, Finance Minister Shaikh Ahmad Al Khalifa said the focus in the next two years will be on “discipline spending and economic growth,” without undermining the wellbeing of citizens. He adds that Bahrain intends to raise loans to cover this ballooning deficit.
Total expenditure is projected at BD7.29bn ($19.32bn): BD3.57bn for 2015 and BD3.72bn for 2016. Revenue is estimated at BD4.26bn ($11.28bn), resulting in deficits of BD1.47bn for 2015 and BD1.56bn for 2016.
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