Moody's: Low Oil Prices Increase Gulf Countries' Debt Accumulation
Low oil prices increase the credit challenges of the Gulf Cooperation Council (GCC) states, especially Saudi Arabia, Kuwait, Oman and Bahrain, said Moody's credit ratings agency.
State Budget: Government Failed to Raise Non-Oil Revenues
The Bahrain state budget for the years 2019-2020 showed no increase in non-oil revenues, which confirms the government's failure to diversify sources of income and rely on oil revenues.
Gov’t Refers Urgent Bill to the parliament that Allows "Voluntary Retirement" Funding from Unemployment Fund
The government has referred a bill as a matter of urgency that would allow the government to benefit from the surplus of the Unemployment Insurance Fund to fund the voluntary retirement program.
Budget Estimates $60 per Oil Barrel, Deficit at 1 Billion and 321 Million Dinars
The Bahraini state general budget for the fiscal years 2019 and 2020 estimated the state revenues at BD 5 billion and 619 million, and BD 6 billion and 939 million, thus reaching a deficit rate of 4% for the year 2019, amounting to BD 708 million and 4.9% for the year 2020, amounting to 613 million dinars.
Projects Budget Decreased by 260 Million Dinars, the Gulf Support Provides almost 1 Billion Dinars
The budget of projects in the draft general budget decreased to 400 million dinars for the years 2019-2020 after it was at 660 million dinars in the past two years.
Saudi Ambassador to Manama Says Bahrain will Receive Second Payment of Gulf Support "Soon"
Saudi ambassador to Manama Abdullah Al-Sheikh said that Bahrain will receive the second payment of Gulf support "soon".
Alba Agrees on Disbursing Quarter Million BD to Board Members for Successful Operation of Line 6 Expansion Project.
The General Assembly of the Bahrain Aluminium Company (ALBA) has approved an annual financial reward of about a quarter million BD for board members, at a time when the country is working to reduce its expenses to confront the rise of public debt.
Fitch: Voluntary Retirement Scheme to Save up to 166 M Dinars
Fitch estimated that there would be $3 billion to $5 billion outstanding external debt in the period from 2019 to 2022, noting that 8.7 thousand employees had applied for Voluntary Retirement Scheme out of about 48,000 employees, which would save an amount of 166 million dinars in 2019 (11% of the wage bill for 2018).
Official numbers: 8,025 Bahrainis Discharged in Voluntary Retirement Program, 45% from Education Ministry
Minister of Shura and Parliament affairs Ghanem Al-Buainain announced the acceptance of 8025 employees in the voluntary retirement program from among the 46 government agencies offering their employees for the program.
Finance Minister: We are Working on Receiving Second Payment of Gulf Support Program Funds
Minister of Finance and National Economy Salman bin Khalifa Al Khalifa said that "work is underway to receive the second payment of the Gulf Support program soon".
Bahrain Bailout Tied to "General Assessment" of Rebalancing, Not Specific Numbers: Finance Minister
A $10 billion bailout pledged to Bahrain - one of the Gulf's weakest economies - from Saudi Arabia, Kuwait and the United Arab Emirates is tied to a "general assessment" of its progress in rebalancing its fiscal position rather than to specific numbers, its finance minister said.
Central Bank Encourages Banks in Bahrain to Merge, Rasheed Al-Maraj
The Bahrain Central Bank Governor, Rasheed Al-Maraj, said that the Bank is actively encouraging financial institutions to merge and he expects more consolidation in to happen in the future.
Bahrain Receives First Package of Gulf Financial Support
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.
Company Appointed to Re-structure Education Ministry to Reduce Operational Expenses
The Supreme Council for the Development of Education and Training announced during its last meeting the appointment of an experienced company to re-structure the Ministry of Education, noting that this will contribute to reducing the Education Ministry's operational expenses, and enhancing the performance of its educational and administrative bodies.
Letter from IMF Chief to Bahrain Crown Prince: Stop McKinseys
An indirect message was addressed to Bahrain's Crown Prince Salman bin Hamad Al Khalifa and his economic team. It neither came from a theocrat nor a socialist, but from the head of the International Monetary Fund Christine Lagarde: Stop using global consultancy firms.
Finance Minister: Budget Deficit Dropped 35% Last Year
Bahraini Finance Minister Salman bin Khalifa Al Khalifa said the deficit in the general budget dropped 35% last year.
Parliament Unanimously Approves Government Program
The House of Representatives unanimously approved on Tuesday (January 29, 2019) the government's work program for the next four years.
Bahrain Says Gulf Support is Long-Term “Benevolent Loans”
The government said its funding needs until 2022 amount to about 20 billion US dollars, and Gulf financial support covers (50%) of this need.
Standard Chartered Bank to Close 3 Branches in Bahrain, Fears of Dismissing Employees
Media sources said that Standard Chartered Bank of Bahrain announced on Monday (November 12, 2018) its intention to close 3 branches of it, in the Diplomatic Area, Zayed Town and Saar, starting December 20.
CSB Chairman: Over 9 thousand Public Sector Employees Applied for Voluntary Retirement
Civil Service Bureau (CSB) Chairman Ahmed Zayed Al-Zayed announced the number of employees who applied for voluntary retirement, which represents one of the six initiatives of the Fiscal Balance Program, reached more than 9 thousand.