Bahrain’s public debt stood at BD17.9 billion in 2023, according to the annual report of the National Audit Office (NAO).The state’s revenues dropped from 3,544 million in 2022 to BD3,196m, marking a decrease of 10 per cent, according to the report.

The report has also shown a decrease of 16pc in oil revenues from BD2,421m in 2022 to BD2,035m in 2023.Repeat expenditure went up from BD3,497m to BD3,693m, marking an increase of 6pc.Expenditure on projects increased 19pc from BD233m in 2022 to BD277m in 2023.

The actual deficit between the state’s revenues and expenditure grew three-folds from BD186m to BD774m in the same period.

The Finance and National Economy Ministry reiterated its commitment to the provisions of article (32) of decree-law (39) of 2002 and its amendments. It stressed its continuous directives to the ministries and government entities to periodically review their fiscal commitments to help curb the deficit.

The public debt stood at BD7.9bn in 2023, marking an increase of 7pc compared to 2022, according to the report. Its interest rates also grew by 15pc in the same year, reaching BD843m compared to BD736m in 2022.

The ministry explained that the government’s strategy to curb the increase in public debt is linked to the state’s general fiscal policy which is based on implementing programmes and initiatives to reach a balance point between expenditure and revenues in the public budget.

A decrease in the public budget deficit would reduce the need for borrowing to meet the funding needs.The National Audit Office had no observations on the Future Generations Reserve Fund.Concerning the health sector, the report has revealed that many health establishments whose licences were cancelled or withdrawn by the National Health Regulatory Authority (NHRA) were still active in the commercial register.NHRA said procedures were being taken in co-operation with the Industry and Commerce Ministry to handle the issue.

As for employment of the national workforce in the private sector, the report registered a decrease in the number of Bahraini workers, staying between 16pc and 19pc during the years spanning from 2018 to 2023. Meanwhile, the number of foreign workers occupying new jobs increased according to the labour market indicators for the same period, the report read.

The Labour Ministry and the Labour Fund (Tamkeen) said a comprehensive review of the labour market regulatory policies in the private sector was carried out periodically with the competent authorities to ensure Bahrainis remain the first preference in the private sector.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).