Friday 3 December 2021

Finance ministers welcome Bahrain’s Fiscal Balance Program efforts

MANAMA, October 20, 2021

Ministers of Finance of Saudi Arabia, the UAE and Kuwait have welcomed the efforts made by the Government of Bahrain in implementing the Fiscal Balance Program, and the progress made by the kingdom despite the challenges posed by the Covid-19 pandemic.
This was revealed following a meeting of the ministers with Bahrain's Finance Minister on October 19 to discuss the latest developments regarding Bahrain’s Fiscal Balance Program. The Arab Monetary Fund attended the meeting as an advisory body providing assessment of the program achievements, said a Bahrain News Agency report. 
They reviewed the latest developments on the program's initiatives in light of the effects of the Covid-19 pandemic on the implementation of the program, with a view to achieving a fiscal balance between government revenues and expenditures in the year 2024.
The ministers affirmed their support to Bahrain’s efforts in pursuing further reforms to enhance fiscal stability and strengthen sustainable economic growth.
The ministers discussed the progress made in implementing the Fiscal Balance Program, for which the government of Bahrain made concerted efforts in raising revenues while enhancing the efficiency and rationalization of spending.
Saudi Arabia, the UAE and Kuwait had provided financial support to Bahrain during the previous period of the Fiscal Balance Program, in line with the Financial Support Agreement, which also included the Arab Monetary Fund as an advisory body.
During the meeting, the three countries reiterated their support for Bahrain's Fiscal Balance Program to achieve the goals set forth under the program.


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