Budget delivers homes, careers : VAT rate unchanged as funds for citizens' pensions, housing, and other services set to rise
These were among eight measures agreed upon during a joint meeting between ministers and lawmakers yesterday as both sides reviewed the draft budget.
The living allowance for pensioners, introduced in the last budget, will be maintained and increased. This was one of the first measures confirmed during the meeting.
Jobs
On jobs, the government said it aims to recruit 25,000 Bahrainis each year, including 8,000 new graduates.
The joint executive-legislative meeting in progress.
Tamkeen will oversee training and funding programs for an additional 50,000 Bahrainis annually.
The BD800 million housing allocation was described as the largest yet, with efforts focused on reducing waiting lists and accelerating access to homes through collaboration with private developers.
Health sector
BD688 million has also been allocated to the health sector.
Other plans include building new schools, refurbishing existing ones, updating curricula, and hiring more Bahraini teachers.
At least five percent will be cut from government operating costs, and low-income Bahrainis will receive cash support if subsidized goods become more expensive during the budget period.
Several revenue-raising measures were also reviewed. These include a levy on company profits above a certain threshold, new taxes on energy drinks, sweetened soft drinks, and tobacco, as well as a carbon emissions tax for companies.
Talks were led by Council of Representatives Speaker Ahmed Al Musallam, Shura Council Chairman Ali Al Saleh, and Finance Minister His Excellency Shaikh Salman bin Khalifa Al Khalifa.
'The proposals in spending aim to balance long-term investment with daily needs while easing pressure on public finances.'
Rounds
The meeting followed several earlier rounds held between October and March.
Discussions also covered spending in other areas such as education, public works, social welfare, and utilities.
Shaikh Salman said the proposals aim to balance long-term investment with daily needs while easing pressure on public finances.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
a day ago
- Daily Tribune
At Geneva Conference, Bahrain Renews Call for Two-State Solution for Palestine
Bahrain has reaffirmed the importance of dialogue and international parliamentary cooperation as a path to achieving lasting peace and justice in a world facing increasing political and humanitarian challenges. Speaking at the 6th World Conference of Speakers of Parliament in Geneva, Jamal Mohamed Fakhro, First Deputy Chairman of the Shura Council and head of Bahrain's parliamentary delegation, said that today's complex global crises demand collective action and multilateralism. 'Constructive dialogue creates sound policies that serve mutual interests and protect nations and people from the tragedies of wars and conflicts,' Fakhro said. He emphasized the growing role of parliaments in promoting good governance, building trust between nations, and upholding international law and human rights. Fakhro also addressed the deepening humanitarian crises caused by armed conflicts, climate change, and widening development gaps. He stressed that history has repeatedly shown that 'lasting peace can only be achieved through honest and responsible dialogue based on shared values and mutual respect.' Highlighting Bahrain's commitment to peace and human dignity, he renewed the Kingdom's call for an international conference to resolve the Palestinian issue based on the two-state solution. He condemned the ongoing suffering of Palestinians, particularly in Gaza under the current blockade, and urged the global community to ensure the establishment of a sovereign, viable Palestinian state along the June 4, 1967 borders. Fakhro urged parliaments around the world to embrace their historic role in building a culture of peace, not just as a political slogan but as a legislative and moral responsibility that ensures social and economic justice. He called on the Inter-Parliamentary Union to continue championing just causes and acting as a voice for the world's conscience. Despite global instability, he expressed hope that international institutions, led by the Inter-Parliamentary Union, could help steer the world toward peace and prosperity. 'Hope will never fade as long as parliaments stand firm on principles and give voice to the aspirations of people,' he concluded. Bahrain's delegation to the conference included Jamal Mohamed Fakhro, MP Abdulnabi Salman Ahmed, and Dr. Bassam Ismail Al-Benmahmood, a member of the Shura Council's Foreign Affairs, Defense, and National Security Committee.
Daily Tribune
2 days ago
- Daily Tribune
Bahrain's financial sector hits $245bln in assets
Assets worth $245.6 billion sit on the books of Bahrain's banks, the Central Bank's May tally shows. They are spread across 369 licensed finance houses. Eighty-three of those houses are banks. Fifteen are Islamic, and their combined assets stand at $62.6 billion. The payroll in the wider financial field reached 14,775 in 2024. Bahrainis held 10,259 posts, which accounts for around seven in ten. Expatriates filled the remaining 4,516. Output Nominal output came in at $47.1 billion last year, a rise of two per cent. In real terms the figure was $40.3 billion, up 2.6 per cent. Finance accounted for 17.2 per cent of that real total. Insurance followed suit. One hundred and thirty-seven licensed firms had written BD239.4 million in premiums by December 2024. Investment firms numbered 50 at the same date.
Daily Tribune
2 days ago
- Daily Tribune
Bahrain Chamber Holds Meeting with Strategic Partners of 'Experience It' Programme
Manama The Bahrain Chamber, led by Chairman Sameer Nass, held a consultative meeting with strategic partners of this year's 'Experience It' programme. The meeting was attended by CEO of the Nasser Center for Science and Technology, Dr. Abdullah Al Noaimi, General Manager of Hope Ventures, Latifa Mohammed, and Director of Events and Programs at the Ministry of Youth Affairs, Abdulkarim Al Meer. The meeting was held at the Chamber's headquarters to finalize preparations ahead of the program's launch next week. The discussion centered on the program's mission to equip Bahraini youth with practical experience and in-demand skills, preparing them for the labor market and supporting Bahrain's sustainable development efforts. The initiative aligns with the Kingdom's national vision, led by His Majesty King Hamad bin Isa Al Khalifa and supported by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister. Chairman Nass expressed deep appreciation to His Highness Sheikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Work and Youth Affairs and Chairman of the Supreme Council for Youth and Sports, for his continued support. He emphasized that His Highness's guidance has played a pivotal role in advancing the program as a model for youth empowerment through experiential learning and career readiness. The fourth edition of 'Experience It' will launch next week with an expanded scope, offering training across diverse fields such as stock market fundamentals, engineering and tech innovation, artificial intelligence, cybersecurity, leadership, entrepreneurship, photography, and video production. This expansion reflects the Chamber's commitment to equipping youth with modern, market-relevant skills and opening new career pathways. The program will be delivered in two phases. The first includes a series of expert-led workshops and theoretical sessions, while the second consists of a two-week internship at private sector organizations, allowing students to apply what they've learned in real-world settings. Nass reaffirmed the Chamber's commitment to building on the program's success. He noted that over the past three editions, the initiative has empowered young Bahrainis to render their training into meaningful career steps, enhancing their competitiveness and role as contributors to national development. He also stressed the value of strong collaboration between the Chamber and its partners in delivering impactful national programs that elevate youth potential and drive economic progress. Nass commended the contributions of the partner institutions. The Nasser Center will provide specialized training in mechanical and electrical engineering, AI, and cybersecurity. Hope Ventures, in collaboration with the Ministry of Youth Affairs, will lead sessions on leadership and entrepreneurship under Youth City 2030. 'Experience It' is one of the Chamber's flagship youth initiatives, targeting high school students aged 15 to 18. By offering hands-on training in private sector companies, the program aims to spark creativity, foster innovation and entrepreneurial thinking, and guide participants toward career paths aligned with the needs of today's workforce.
