Bahrain needs an immediate rethink on subsidies | GulfNews.com:
"The Bahrain economy is undergoing changes designed to strengthen the state’s treasury income through many revenue enhancement measures. The authorities are adopting action in line with developments elsewhere in the Gulf, and notably mirroring what is happening in Saudi Arabia. These encompass reducing subsidies, raising prices for governmental services and where possible imposing taxes. Understandably, officials have little choice but streamline public finance. The numbers for fiscal year 2018 put expenditure at $9.2 billion and revenues at $6.2 billion. This leaves a projected deficit of $3 billion, which would be about 9 per cent of the gross domestic product. The gap is however an improvement over 2016’s deficit, when it stood at $4 billion or 12.5 of GDP. The latest steps intended to generate additional budgetary revenues include raising petrol prices. Starting January 9, the National Oil and Gas Authority increased prices for octane 95 by 25 per cent to $0.53 per litre. This marks the second such rise in fuel prices within two years, and the government is not ruling out further increases."
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