Since 2018 Bahrain has been chasing a Fiscal Balance Program (FBP) under which Manama is looking to reduce public spending by retiring government employees, reducing subsidies, and reforming the Electricity and Water Authority. It is also seeking to increase non-oil revenues to bolster receipts.
Originally the program had a deadline of 2022 to reach fiscal balance, but following Covid the finance ministry updated the program in 2021 and pushed the deadline to this year. But with the year close to its end and budget season underway, Manama faces another deficit for 2024. (CONTINUED - 816 WORDS)
