Bahrain looks to cut costs to help cut budget deficit

Bahrain will focus on “stringent” cost controls to help cut its budget deficit, according to the country’s finance minister. (Shutterstock/File Photo)
Updated 11 February 2019
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Bahrain looks to cut costs to help cut budget deficit

LONDON: Bahrain will focus on “stringent” cost controls to help cut its budget deficit, according to the country’s finance minister.
Sheikh Salman bin Khalifa Al-Khalifa, minister of finance and national economy, told Bloomberg Television that Bahrain will also use investment to stimulate growth.
“It is important to ensure we maintain spend where that spend drives economic growth, creates jobs or provides essential services or subsidies while at the same time ensuring we revisit any areas of operational expenditure where we can put more pressure,” Sheikh Salman said.
Bahrain reduced its deficit by 35 percent last year and plans to balance its books by 2022.
Cutting the deficit is one requirement of a $10 billion aid package pledged by neighbors, including Saudi Arabia and the UAE.
Like other regional economies, Bahrain has been hit hard by plummeting oil prices.


Libya’s NOC confirms 290,000 bpd production at Sharara offline

Updated 20 July 2019
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Libya’s NOC confirms 290,000 bpd production at Sharara offline

  • NOC said it was conducting a full-scale investigation into suspected closed valves in the Hamada area
  • It also said in a statement that production from El Feel oilfield was unaffected by the incident

LONDON: Libya’s National Oil Corporation confirmed on Saturday that production at its 290,000 barrels per day El Sharara oilfield was currently offline.
NOC said it was conducting a full-scale investigation into suspected closed valves in the Hamada area.
It also said in a statement that production from El Feel oilfield was unaffected by the incident.
Sources earlier told Reuters that production at El Sharara had halted on Friday due to a valve closure on the pipeline linking the field to Zawiya.