BUSINESS

KSA, Kuwait, UAE welcome Bahrain govt efforts in implementing Fiscal Balance Program

October 20, 2021
Finance Ministers of Saudi Arabia, Kuwait, UAE and Bahrain meet regarding Bahrain’s Fiscal Balance Program.
Finance Ministers of Saudi Arabia, Kuwait, UAE and Bahrain meet regarding Bahrain’s Fiscal Balance Program.

MANAMA — The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait, and Bahrain met on Tuesday to discuss the latest developments regarding Bahrain’s Fiscal Balance Program in light of the COVID-19 pandemic.

The Arab Monetary Fund attended the meeting as an advisory body providing assessment of the program achievements.

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 achieve a fiscal balance between government revenues and expenditures in the year 2024.

The ministers welcomed the efforts made by the government of Bahrain in implementing the Fiscal Balance Program, and the progress made by the government despite the challenges posed by the COVID-19 pandemic.

The ministers affirmed their support to the Kingdom of 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. — BNA


October 20, 2021
770 views
HIGHLIGHTS
BUSINESS
21 hours ago

EV sales set to smash records with 7 million cars in 2021 while crossing the 10% annual threshold

BUSINESS
21 hours ago

Ma’aden opens fertilizer terminal in Malawi, strengthens presence in Africa

BUSINESS
21 hours ago

Cost inflation will hit US oil and gas supply chain in coming years, starting with a surge in EPCI

X