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Bahrain plans 6% cuts in public spending next year
- Bahrain: Thursday, November 08 - 2012 at 10:22
According to a draft budget released by Bahrain's finance ministry, the kingdom's government plans to cut its budget spending by almost 6% in 2013, as it seeks to curb its deficit, Reuters has reported. Budget expenditure in the Gulf country is expected to total BD6.99bn ($18.5bn) over the next two years, Aref Saleh Khamis, the ministry's undersecretary, said. The new two-year budget would help meet the basic needs of citizens and raise living standards, while keeping the financial sector stable and improving the investment environment, said Khamis. Bahrain boosted its original 2012 expenditure plan by nearly 19% in September 2011, a prospectus for a sovereign bond showed in June.
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