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Bahrain budget deficit narrows in first half of 2019

Bahrain budget deficit narrows in first half of 2019

The kingdom said it is “well ahead of its projected deficit reduction schedule”

Bahrain, Manama, Cityscape view of Bahrain World Trade Center and Bahrain Financial Harbor

Bahrain said on Monday it had narrowed its budget deficit to BD404m ($1.07bn) in the first half of 2019 from BD650m in the same period a year earlier.

The kingdom is “well ahead of its projected deficit reduction schedule”, the Ministry of Finance and National Economy said in a statement carried by Bahrain News Agency.

Bahrain, which does not benefit from the vast oil wealth of other Gulf Arab states, last year released a plan to fix its debt-burdened finances after securing a $10bn Gulf aid pledge. It aims to eliminate its budget deficit by 2022.

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