The plan aims to save 800 million Bahraini dinars ($2.1 billion, 1.84 billion euros) annually, the government said, as the kingdom looks to curb its debt after years of lower oil prices.
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The reform programme includes cutting public expenditure and government waste, voluntary retirements for government workers and “redirecting” state subsidies.
The authorities said they are also looking to increase “non-oil revenues, to drive economic growth, diversify government income streams and align non-oil revenue with positive economic growth”.
Khalid al-Rumaihi, executive director of Bahrain’s Economic Development Board, said the country requires $20 billion to balance its books and that the government will provide half of that figure.
Bahrain’s budget deficit is expected to reach $3.5 billion in 2018, after hitting about $5 billion in 2017.
Located between rival regional powers Saudi Arabia and Iran, Bahrain has been ruled for more than two centuries by the Sunni Al-Khalifa dynasty.
Saudi Arabia has been a major supporter and in 2011 sent in forces along with the UAE to help protect Bahrain’s rulers against protests by the Shiite majority.
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