Bahrain details fiscal plan as zero-deficit target

DUBAI: Bahrain has detailed a new economic growth and fiscal balance plan that pushes a zero-deficit target back by two years to 2024 from 2022 and increases value-added tax to 10 per cent from 5 per cent, Arab News reported.

A government statement said the updated fiscal balance programme also included reducing expenditure and project spending, streamlining distribution of cash subsidies to citizens and new government services revenue initiatives.

It said a strategic project plan would catalyse over $30 billion of investments, while a regulatory reform package is aimed at supporting $2.5 billion of foreign direct investment by 2023.