General Budget: Cutbacks in Rent Raises, Pension, Living Allowances
The Bahraini government reduced the allowances of many items listed under the “recurrent expenses” section in the state budget for the years 2017 and 2018, especially in the financial allocations of next year (2018).
Bahrain Gov’t Refers Draft Law to Parliament Raising Limit on Debt to BD 13B
Head of the Parliamentary Financial and Economic Affairs Committee Abdul Rahman Bu Ali said that a new draft law suggests raising the bar on the state public debt from 10 billion BD to 13 billion BD.
Bahrain: 99.5% of Oil and Gas Revenues go to Incomes
The final account of Bahrain’s 2016 fiscal year showed that the total incomes and salaries spending for government employees in the past years reached 1.429 billion BD, around 75.2% of the total revenues, which reach 1.898 billion BD that year.
Legislative Committee Rejects Draft Law Imposing Public Debt Limit at 60% of GDP
The Parliamentary Committee on Legislative and Legal Affairs rejected a draft law imposing a limit for the public debt not exceed 60% of the Gross Domestic Product (GDP).
PM Decision Imposes 30 BD Monthly Fee on Foreign Worker
A decision issued by Bahrain Prime Minister Khalifa bin Salman Al Khalifa, imposed a BD 30 monthly fee for foreign workers who practices professional work.
Bahrain Draft 2017-18 Budget Projects Slow Progress in Cutting Big Deficit
Bahrain's cabinet has approved a draft budget for 2017 and 2018 that projects only slow progress in cutting the country's budget deficit, which has been swollen by low oil prices.
Cabinet Welcomes Putting Individuals and Entities Linked to Qatar on Terror List
The Bahraini cabinet welcomed the statement issued by 3 Gulf States along with Egypt that puts a number of individuals and entities having ties with Qatar on terror list.
Fitch Expects Cutting Ties with Qatar Would Affect Bahrain’s Growth
Fitch Ratings expected a limited direct impact on Bahrain’s economy as a result of cutting ties with Qatar.
Bahrain King Visits UAE amid Ongoing Gulf-Qatar Crisis
The Bahrain Royal Court announced that King Hamad bin Isa Al Khalifa will be leaving to the United Arab Emirates today Tuesday (June 13, 2017).
Bahrain’s Consolidated Financial Statement: Public Debt in 2016 Exceeded 8.8 Billion BD
The Consolidated Financial Statement of Bahrain for the fiscal year that ended on December 31, 2016 unveiled that the oil revenues reached 1.4 billion BD, which shows a 10% drop in comparison with 2015. The non-oil revenues reached 500 million BD, which means a 3% increase. Meanwhile, the general expenses amounted to 3.5 billion BD, including the recurring expenses that recorded 3.1 billion BD and the project expenditures that amounted to 400 million BD.
Local Newspaper: Governmental Trend to Add Foreigners to Pensions & Insurances Funds to Raise Contributions
The Al-Ayam newspaper, owned by the King's Media Advisor Nabil Al-Hamr, said that the actuarial expert assigned to study the situations of pensions fund recommended to increase the number of participants through the participation of foreigners in pensions and insurances funds.
Standard & Poor's Says Bahrain Outlook Revised to Negative
Standard and Poor's (S&P) said Kingdom of Bahrain outlook revised to negative on weakening external & fiscal positionsž. It also affirmed its rating at "BB-/B".
Moody’s Maintains Negative Outlook on Bahrain’s Banking System
Moody's agency said it maintains negative outlook on Bahrain, which reflects the challenges posed by weakening economic growth, the sector's exposure to government debt and the authorities' lower capacity to support banks.
Reuters: Bahrain Sovereign Fund CEO Says Hopes to Invest in Aramco IPO
Bahrain's sovereign wealth fund Mumtalakat hopes to take part in the initial public offering (IPO) of shares in Saudi state oil giant Aramco, the fund's CEO told Reuters, predicting additional opportunities from the kingdom's reform programme.
Reuters: Bahrain Wealth Fund Says has 'Impressive' Russian Deal Pipeline
Bahrain's sovereign wealth fund Mumtalakat has an "impressive" pipeline of promising investment deals in Russia, with some existing projects already offering double-digit return rates, fund CEO Mahmood Alkooheji told Reuters.
Finance Minister: Basic Food Items, Medicines & Medical Supplies Excluded from VAT
Finance Minister Ahmed bin Mohammed Al Khalifa replied to a question raised by MP about the details of unified GCC VAT agreement that will be reviewed by the House of Representatives in its next session on Tuesday (May 23, 2017) that "the basic food items, medicines and medical supplies will be excluded from the VAT that will be imposed by Bahrain along with the other GCC states."
Bahrain Pays Over $1B in Interest on Public Debt Last Year, Reports Suggest
Information reported that the Bahraini government paid about 395 million dinars (more than $1 billion) in 2016 as interests to lending banks.
Bloomberg: Bahrain Foreign Reserves Tumble 11% amid Risks of Exchange-Rate Policy Change
Bahrain’s foreign-currency reserves tumbled 11 percent in February, extending a decline that has fueled speculation that the island kingdom would either tap international bond markets soon or seek financial support from other Gulf Arab monarchies, Bloomberg revealed.
GCC Islamic Banks’ Growth Expected to Moderate in 2017-18, Standard & Poor’s Report Suggests
The economic slowdown experienced by the GCC countries following the oil price decline and consequent fiscal tightening will continue to apply pressure on asset growth and profitability of Islamic banks in 2017 and 2018.
Bahrain Lists $2B of Debts in Bourse
The Bahraini government announced on Sunday listing BD 741 Billion of short-term debts on stock exchange market.