Saudi, Kuwaiti, UAE Finance Ministers Praise Bahraini Efforts to Achieve Fiscal Balance Program

Thursday 1443/3/15 - 2021/10/21
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Manama, October 21, 2021, SPA -- The Finance Ministers of Saudi Arabia, Kuwait, and the UAE have met with the Bahraini Minister of Finance and National Economy, during which they discussed the latest developments in the fiscal balance program of Bahrain, being supervised by the Arab Monetary Fund as an advisory body.
During the meeting, the ministers reviewed the latest developments on the program's initiatives in light of the repercussions of the Covid-19 pandemic on the implementation of the program to achieve a fiscal balance between government revenues and expenditures in 2024.
The ministers welcomed the efforts made by the Bahraini government in implementing the program, and the progress made despite the challenges posed by the pandemic, reiterating their support to Bahrain’s efforts to implement further reforms to enhance public financial stability and support sustainable economic growth.
The ministers also discussed the progress of implementing the initiatives within the framework of the program, and Bahrain’s unremitting efforts to enhance revenues and raise the efficiency and rationalization of government spending.
The three countries had provided fiscal support for the fiscal balance program for the Kingdom of Bahrain as per a framework arrangement agreement for financial cooperation on the program, signed in 2018 between Bahrain and the three countries, and the Arab Monetary Fund as an advisory body, vowing continued support for the efforts of the fiscal balance program, leading to the achievement of the program’s objectives.
19:13 LOCAL TIME 16:13 GMT