High oil prices and an economic rebound could help Bahrain balance its fiscal budget by 2024, according to Sheikh Salman bin Khalifa Al Khalifa, Bahrain’s finance minister.
“I’m optimistic about hitting the fiscal balance plan ahead of schedule,” he said.
He added: “Higher oil is one part of that. The other is we are seeing economic growth coming back strongly, and non-oil revenue is an increasing part of our revenue mix.”
He added that the country is currently focussing more on developing and diversifying its non-oil economy. Earlier, in January, Bahrain had increased the value-added tax to 10 percent as part of its plans to boost non-oil revenue.
In 2018, Bahrain received a $10 billion financial aid package. According to the International Monetary Fund, the country needs oil prices of around $107 a barrel to balance its budget.
