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Bahrain government to spend $14bn over next two years

The Bahraini finance ministry has said the kingdom plans to spend BD5.3bn ($14.06bn) over the next two years and needs an oil price of $97-$100 per barrel for its budget to break-even, Reuters has reported. The country expects revenues of BD4.4bn based on an oil price estimate of $80 per barrel for its two-year draft budget for 2011 and 2012, the ministry said. It said that nearly half of spending will be on subsidies, including for gas and electricity, in addition to expanding spending on social services such as housing and health.