Bahrain Receives First Package of Gulf Financial Support

2019-02-23 - 7:12 p

Bahrain Mirror: Bahrain Central Bank Governor, Rasheed Al Maraj, said that the Government received back in December the first $10 billion financial support package extended to Bahrain by Saudi Arabia, United Arab Emirates and Kuwait, following the deterioration of the kingdom's public debt situation and reluctance of investors to buy sovereign bonds offered in the market last year.

Maraj noted that the financial package, comprised of long-term low interest rate loans, will be provided in stages.

The programme, drawn up after a thorough review of Bahrain's spending, aims to achieve annual savings of 800 million Bahraini dinars (Dh7.8bn). The package is based on six pillars which include controlling public expenditure, a voluntary retirement scheme for public sector employees, streamlining distribution of cash subsidies to citizens and increasing non-oil revenues.


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