Bahrain stands out amongst Gulf Cooperation Council (GCC) countries by issuing budgets for two fiscal years consecutively. Reference is made to last week’s release of basic statistics relating to budgets of 2013 and 2014.
Notably, the authorities continue overlooking calls for altering the practice by opting for a single year budgeting, a practice prevalent in many parts of the world. Those calling for change cite inability of predicting oil prices and steady turbulent economic conditions worldwide amongst other reasons.
For their part, officials put forward powerful arguments for the two-year budgeting practice like that of providing private sector investors a clear picture of directions of governmental spending over two years. This places pressures on the authorities to make good on promised spending levels.
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