Public firms to contribute to state budget : Bahrain MP
Manama : A law proposal has been submitted to oblige government-owned companies to pump part of their annual incomes and profits into the state budget.
MP Ahmed Qarata, who presented the law proposal, said, “The proposal aims at enhancing supervision on the firms managed by Mumtalakat Holding Company, which is the government’s investment branch.”
“This would increase the state budget’s share of the revenues of these authorities and establishments, in order to benefit from these funds to generally develop the Kingdom and improve services and utilities in it,” Qarata added.
The MP, who’s a member of the Council’s Economic and Financial Affairs Committee, said the proposal would also limit the financial crises that the country is enduring, especially while international crude oil prices continue to drop and with the existing lack of other public revenues.
The MP called for supporting the public budget, which reflects the economic and social lives of the Bahraini community.
The MP’s proposal was submitted to the council speaker’s office and would be referred to the concerned parliamentary panel for more studying.
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