ARTICLE 1

State revenue for the two fiscal years 2003 and 2004 is estimated at BD 1,603,000,000 (One billion six hundred three million Bahraini Dinars), of which BD 797,000,000 (Seven hundred ninety seven million Bahraini Dinars) shall be allocated for the fiscal year 2003 and BD 806,000,000 (Eight hundred six million Bahraini Dinars) shall be allocated for fiscal year 2004, in accordance with Table 1 and 2, attached herewith.

ARTICLE 2

Expenditure in the two fiscal years 2003 and 2004 is estimated at BD 2,347,652,000 (Two billion three hundred forty seven million six hundred fifty two thousand Bahraini Dinars), of which BD 1,158,993,000 (One billion one hundred fifty eight million nine hundred ninety three thousand Bahraini Dinars) shall be allocated for the fiscal year 2003 and BD 1,188,659,000 (One billion one hundred eighty eight million six hundred fifty nine thousand Bahraini Dinars) shall be allocated for the fiscal year 2004, in accordance with Table 1, attached herewith.

ARTICLE 3

Recurrent expenditure for the two fiscal years 2003 and 2004 is estimated at BD 1,687,652,000 (One billion six hundred eighty seven million six hundred fifty two thousand Bahraini Dinars), of which BD 828,993,000 (Eight hundred twenty eight million nine hundred ninety three thousand Bahraini Dinars) shall be allocated for the fiscal year 2003 and BD 858,659,000 (Eight hundred fifty eight million six hundred fifty nine thousand Bahraini Dinars) shall be allocated for the fiscal year 2004, in accordance with Table 1 and 3, attached herewith.

ARTICLE 4

Project expenditure for the two fiscal years 2003 and 2004 is estimated at BD 660,000,000 (Six hundred sixty million Bahraini Dinars), of which BD 330,000,000 (Three hundred thirty million Bahraini Dinars) shall be allocated for the fiscal year 2003 and BD 330,000,000 (Three hundred thirty million Bahraini Dinars) shall be allocated for the fiscal year 2003, in accordance with Table 1 and 4, attached herewith.

ARTICLE 5

Budget deficit for the two fiscal years 2003 and 2004 is estimated at BD 744,652,000 (Seven hundred forty four million six hundred fifty two thousand Bahraini Dinars), of which BD 361,993,000 (Three hundred sixty one million nine hundred ninety three thousand Bahraini Dinars) pertains to the fiscal year 2003 and BD 382,659,000 (Three hundred eighty two million six hundred fifty nine thousand Bahraini Dinars) pertains to the fiscal year 2004, in accordance with Table 1, attached herewith, both of which shall be financed through local borrowings.

ARTICLE 6

All revenues mentioned in the attached Table 2, shall be collected in accordance with the State's financial rules and regulations and shall be paid to the Government Consolidated Account at the Ministry of Finance and National Economy.

ARTICLE 7

Expenditure stated in Tables 3 and 4, attached to this law shall be disbursed in accordance with the budget allocations and instructions related thereto.

Allocation shall not be utilised except for the purpose budgeted for, and no instructions shall be made for expenditure exceeding the approved allocation; nor would any commitment be made for which provision has not been made in the budget.

ARTICLE 8

The Minister of Finance & National Economy is authorized within the budget implementation period to distribute an amount of BD 5,679,000 (Five million six hundred seventy nine thousand Bahraini Dinars) in the fiscal year 2003 and an amount of BD 3,089,000 (Three million eighty nine thousand Bahraini Dinars) in the fiscal year 2004, allocated in the account “Other Estimations for Line Ministries and Government Agencies” in the recurrent budget for the above mentioned fiscal years to the respective ministries and government agencies. The Minister of Finance & National Economy shall inform the Council of Ministers, Chamber of Deputies and the Consultative Council of the distribution of these amounts, and to accordingly make the necessary adjustments in the recurrent budget.

ARTICLE 9

In line with the provisions established in this law, The Minister of Finance and National Economy shall issue the necessary instructions for the implementation of this budget.

ARTICLE 10

The Ministers, each in his respective capacity, shall implement this law, which shall become effective as of the first day of January 2003 and shall be published in the official Gazette.

HAMAD BIN ISA AL KHALIFA
KING OF THE KINGDOM OF BAHRAIN

Issued at Rifa’ Palace on
Rabi Al Akhar, 2, 1424, Hijri
June 2, 2003