(MENAFN) The Kingdom of Bahrain has set a USD9.47 billion spending budget for 2015, decreased from the former USD9.77 billion allocation for the previous year, Reuters reported.
Further increase is forecast for 2016 with an allocation over USD9.8 billion. The new plan came after a six-month delay during which several amendments and reviews have been made to accommodate the economy with the low oil prices.
"It is the most difficult budget that we had to deal with in the past 12 years. We have to realize the more we borrow, the more our currency gets devalued, so we have to be content with what we have and spend according to capabilities, " the Minister of Finance said.
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