State Budget Set Based on 55$ for Barrel, Budget Deficit Exceeds 10 Billion BD
2017-06-12 - 3:28 p
Bahrain Mirror: The Al-Ayam newspaper expected that Government of Bahrain will set on Monday (June 12, 2017) the state's general budget for 2017 and 2018 based on 55$ for barrel.
Bahrain depends on oil revenues by nearly 90%, with the government's failure to diversify the sources income.
The newspaper said that "the Cabinet tends in its weekly meeting on Monday to set the budget and refer it to the House of Representatives." It also said that the new budget includes significant financial deficit that will raise the public debt to more than 10 billion BD."
According to the Constitution, the Government was supposed to present the budget to the House of Representatives during the first quarter of the year, however, Bahrain faces significant financial pressures due to oil prices decline.
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