Budget deficit down by 35pc

The Cabinet chaired by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa yesterday in the presence of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Premier, reviewed the preliminary estimates of the financial results of the ministries and government entities for the fiscal year 2018, in view of the completion of the first closing of the general budget accounts for the same fiscal year.

Among the most prominent results is the decrease in the budget deficit by 35 per cent in 2018, compared to fiscal year 2017, a presentation by the Deputy Premier and Chairman of the Ministerial Committee for Financial, Economic and Fiscal Balance Affairs, Shaikh Khalid bin Abdulla Al Khalifa and the Minister of Finance and National Economy on the preliminary estimates of the results of the general state budget for the fiscal year 2018 revealed.

Results indicated that the total deficit for the fiscal year 2018 amounted to BD 874 million, marking a decrease of BD 462 million compared to the 2017 deficit which reached BD 1,336 million. The deficit reduction was the outcome of initiatives to restructure the general budget, which began since 2015, by reducing the levels of recurrent expenditure.