Stock Bahrain Manama skyline
The skyline in Manama, Bahrain. The country reported a $1.38 billion deficit last year. Image Credit: Shutterstock

Bahrain reported a mid-year budget surplus of $88 million, with revenues in the Gulf state increasing 52 per cent compared to the same period last year.

The smallest oil producer in the Gulf remains committed to executing its fiscal balance plan and adopting initiatives that serve its targets, Finance Minister Sheikh Salman Al Khalifa said, according to the official Bahrain News Agency.

Spending reached $4.4 billion in the first half of the year, a 2 per cent increase compared to 2021. The country reported a $1.38 billion deficit last year.

In March, Sheikh Salman said he was optimistic higher oil prices would help officials beat their target to balance the budget by 2024.

Bahrain received a $10 billion financial aid package in 2018 to help it cope with high debt levels and budget deficits. At the time, officials outlined plans to balance the budget by 2022, later pushing back that target.