Where Did Funds to Refurbish Helicopters Come from?
2023-04-08 - 11:31 p
Bahrain Mirror: The ruling family has not yet disclosed the real surpluses it has gained from the increase in oil prices, as well as the ways in which these surpluses have been disbursed, which have mostly gone to private pockets or budgets for refurbishing old helicopters.
Billions of surpluses have not been put into spheres that benefit the public, such as housing, health and road projects, not even into paying off part of the government's debt in order to alleviate the financial burden and interest on public debt, as Oman has done.
The Omani government has paid off $2.8 billion of financial commitments, benefiting from surpluses made by record high oil prices last year.
According to previous figures, Muscat achieved a fiscal surplus of $2.98 billion, meaning it has redirected almost all of those surpluses to pay part of its obligations rather than resorting to borrowing.
Oman's budget recorded a surplus of 2.98 billion, of which 2.8 billion was allocated to financial obligations.
However, Bahrain's government lied in February when it said it had recorded a deficit in 2022 despite rising oil prices. Yes, a deficit at a time when all countries have recorded a surplus and clearly announced its disbursements.
It went with this lie, borrowing more money to cover a deficit that did not even exist.
The government did not even admit to achieving a single dinar surplus, but declared that it was in debt while the price of a barrel of oil and its derivatives doubled.
While Oman has reported surpluses and paid some of its obligations, the ruling family has denied there are surpluses but spent $350 million on refurbishing helicopters, a U.S. statement said.
The U.S. Defense Security Cooperation Agency said in a statement it had approved a potential deal to sell equipment and provide refurbishment services for 24 helicopters to Bahrain for $350 million.
Does this mean that part of the surpluses was directed to military and security spending, which is already consuming one third of the budget? Or was this amount transferred from service ministries to the Defence Force?
However, service ministries have not implemented projects worth 320 million dinars in 2021, which means that these funds have returned to the Ministry of Finance to be recycled according to the minister's decision.
In fact, there is no one to hold the Ministry of Finance accountable for its procedures or the financial statements it provides, as the figures it provides are treated by the so-called House of Representatives as final postulates.
All the financial statements provided by the government are not real but are crafted in favor of concealing real budgets and directing state funds to the accounts of the ruling family or security services.