Arab News, Monday, Feb 11, 2019 | Jamadi Al Thani 6, 1440
Bahrain looks to cut costs to help cut budget deficit
Bahrain will focus on “stringent”
cost controls to help cut its budget deficit, according to the country’s finance
Sheikh Salman bin Khalifa Al-Khalifa, minister of
finance and national economy, told Bloomberg Television that Bahrain will also
use investment to stimulate growth.
“It is important to ensure we maintain spend where
that spend drives economic growth, creates jobs or provides essential services
or subsidies while at the same time ensuring we revisit any areas of operational
expenditure where we can put more pressure,” Sheikh Salman said.
Bahrain reduced its deficit by 35 percent last
year and plans to balance its books by 2022.
Cutting the deficit is one requirement of a $10
billion aid package pledged by neighbors, including Saudi Arabia and the UAE.
Like other regional economies, Bahrain has been
hit hard by plummeting oil prices.