The Government of Bahrain has concluded its state budget for the period 2023-2024, putting fiscal responsibility and economic growth at the heart of its medium-term plans.
Set against the backdrop of strong economic growth of 4.9 per cent in 2022, and a reduction in the overall fiscal deficit of 47 per cent, the budget sets out a range of new growth and non-oil revenue raising measures to drive sustainable development in the Kingdom.
The budget will also ensure public finances remain on a stable footing and enhance the quality of life for Bahraini citizens to ensure prosperity is accessible to all.
Bahrain 2023-2024 budget plan
New budget measures include:
- More than 50 new fully funded infrastructure projects worth more than BD1.5bn ($4bn) over the next two years
- Increases to living allowance for public sector workers and pensioners
- Spending efficiency initiatives as part of the government’s multi-year Fiscal Balance Program
The government’s fiscal reform targets as part of the Fiscal Balance Program remain on track, with budget forecasts assuming a conservative estimate of $60 per barrel.
Together with past efforts to consolidate government spending, the reforms announced in this budget will lead to a budget deficit of less than 1 per cent of GDP in 2024.
The 2023-2024 state budget demonstrates a firm commitment to building a sustainable and inclusive future for Bahrain that unlocks the nation’s full potential.
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