Joint statement by the Ministers of Finance of the KSA, UAE and Kuwait

Manama, Sept. 5 (BNA):The Minister of State for Financial Affairs of the United Arab Emirates, HE Obaid bin Humaid Al Tayer, the Minister of Finance of the State of Kuwait, Dr. Nayef bin Falah Al Hajraf, the Minister of Finance and National Economy, HE Shaikh Salman bin Khalifa Al Khalifa, and the Assistant Minister for International Financial Affairs and Macro Fiscal Policies of the Kingdom of Saudi Arabia, HE Abdul Aziz Al-Rasheed, who attended on behalf of the Saudi Minister of Finance, today met in Manama, Bahrain. The meeting focused on the progress and results of initiatives activated as part of the Kingdom’s Fiscal Balance Program, which was launched in October 2018 and aims to achieve a balance between government expenditure and revenue by the year 2022. The Ministers of Finance reviewed the Kingdom’s achievements in implementing the Fiscal Balance Program’s initiatives in line with its established timeframes. The Ministers praised the results achieved thus far, and noted the determination of Government authorities to achieve the initiatives thoroughly. The Ministers highlighted the results of an assessment carried out by the Arab Monetary Fund on the implementation of the Fiscal Balance Program, which revealed that significant progress is being made across the Program’s initiatives and affirms the government’s commitment to achieving a balanced budget by 2022. The Ministers went on to note the positive outcomes achieved through implementing the Program, which has led to a decline in the actual deficit in the first half of the year 2019 by 37.8%, and an increase of non-oil revenues by 47%, compared with the same period last year. The Ministers expressed their comfort with the results and progress on the Program’s objectives thus far, and noted the essential role of Bahrain’s executive bodies in realising the goals of the Program. The Ministers concluded by wishing the Kingdom further success in the continued implementation of the Program’s initiatives.