Bahrain approves $1.03bn more budget funds

Monday, 9 January 2012 00:00 - - {{hitsCtrl.values.hits}}

Bahrain parliament’s financial and economic committee has approved a decree-law to provide additional funds of BD388 million ($1.03 billion) for the 2011-2012 budget.

The funds are allocated for government employees’ pay rises and allowances to improve pensioners’ living conditions in line with National Consensus Dialogue visions.

In order to cover financial burdens resulting from salary increase and living condition improvement allowance, natural gas unit prices have been raised to $2.25 per unit from $1.5, effective from this month, an annual increase of BD145 million, according to the Oil and Gas Holding Company (nogaholding) estimates.

Non-oil revenues will also be increased by raising amounts deducted from labour fees to 50 per cent from 20 per cent, an expected increase of BD7.5 million for the remaining period of the 2011 financial year and BD30m for the 2012 financial year.