UPDATE 2- #Bahrain sees budget deficit falling to $1.6 bln in 2020 | Reuters

UPDATE 2-Bahrain sees budget deficit falling to $1.6 bln in 2020 | Reuters:

Bahrain’s cabinet on Monday approved a draft state budget for the next two years that projects a further reduction in its deficit to reach $1.63 billion by 2020 as part of a fiscal reform programme.

Bahrain, which does not have the vast oil wealth of other Gulf Arab states, last year released a plan to fix its debt-burdened finances after securing a $10 billion Gulf aid pledge. It aims to eliminate its budget deficit by 2022.

The draft forecast spending at 3.25 billion dinars ($8.62 billion) in 2019 and 3.28 billion dinars in 2020. It also announced additional public investments of 670 million dinars in 2019, with an equal amount allocated for 2020.