MANAMA, 16 August – Bahrain’s Mid-year Financial Report showed a 52% increase in actual revenues collected during the period ending June 30, 2022, achieving savings of BD33 million.
This was revealed as the Cabinet reviewed a memorandum by the Ministerial Committee for Financial and Economic Affairs and Fiscal Balance, regarding the 2022 Mid-year Financial Report, which highlights the outcome of the kingdom’s commitment to fulfilling its Fiscal Balance Program.
His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister chaired the weekly Cabinet Meeting at Gudaibiya Palace.
The higher revenues contributed to reducing the financing needs to repay international bonds of public debt, including bonds worth $1.5 billion (BD565 million), that were repaid until July. This is due to the rise in oil prices in international markets, said a Bahrain News Agency report.
These results are clear evidence that the government’s disciplined approach to fiscal responsibility and long-term sustainability is proving effective, said the report.
The Cabinet affirmed the continuation of initiatives and unifying efforts to achieve the objectives of the Fiscal Balance Program.
The Cabinet then reviewed a memorandum by the Minister of Labour, regarding the latest developments in employment and training for the first half of 2022.
The memorandum indicated that 14,321 Bahraini citizens were employed, which represents 72% of the annual goal of the Economic Recovery Plan’s priority plan to employ 20,000 Bahrainis annually until 2024, and a decrease in the unemployment rate from 7.5% to 5.7%.
These outcomes followed the financial and economic packages that were launched during the Covid-19 global pandemic, the Economic Recovery Plan and the launch of the National Employment Programme. — Zawya