The Shura Council recently approved Bahrain’s 2022 Consolidated Final Account during a meeting, highlighting the importance of closer scrutiny of spending habits. While members showed support for the review process, they expressed worries about repeated budget overruns and delays in reporting, urging for improved oversight in the future. Khalid Al Maskati, the Chair of the Financial and Economic Affairs Committee, mentioned procedural delays, stating that the Consolidated Final Account should have been submitted to Parliament within five months. He highlighted the importance of taking the legislative authority’s role and observations seriously in the approval process.
During the discussion, concerns were raised about certain ministries exceeding their spending limits, leading to missed opportunities for surplus funds. First Deputy Chairman Jamal Fakhro emphasized the necessity of staying within spending rules and completing the review process within the fiscal year. Yusuf Abdulla Alhumood, the Undersecretary for Financial Affairs at the Ministry of Finance and National Economy, responded to these concerns by assuring that the Consolidated Final Account is thorough and includes all relevant details on revenues, expenses, and related appendices.
Alhumood also addressed worries about borrowing practices, confirming that the government had not exceeded its debt ceiling in 2022. He explained that all borrowing, whether through standard limits or special legislation, is part of public debt and subject to separate laws covering financial needs. The government’s revenue is properly recorded according to the law, with items like deposits, insurance, guarantees, and court-related funds not classified as government income.
Justice Minister Nawaf bin Mohammed Al Maawda provided a more positive outlook, reporting that Bahrain’s GDP grew by 4.9 percent at constant prices in 2022, surpassing the target set in the economic recovery plan. The non-oil sector also saw a significant increase of 6.2 percent, marking the highest GDP rate at constant prices since 2013. With the approval from the Shura Council, the committee’s observations will be forwarded to the government for further action to address ongoing budgetary concerns and strengthen economic growth.
In conclusion, the approval of Bahrain’s 2022 Consolidated Final Account by the Shura Council highlights the importance of monitoring spending habits and ensuring timely reporting processes. While concerns were raised about budget overruns and delays, steps are being taken to improve oversight and compliance with spending rules. The government’s efforts to limit borrowing and maintain public debt within set limits demonstrate a commitment to financial stability. With a positive outlook on economic growth and GDP expansion, Bahrain is making progress towards strengthening its economic foundation and addressing budgetary challenges for the future.
