$1.25billion bond repaid

TDT | Manama

The Ministry of Finance and National Economy announced yesterday that it had repaid an international $1.25billion bond that reached maturity on March 31.

The ministry said that the successful repayment demonstrates the strength and robustness of the Kingdom’s Fiscal Balance Programme, particularly in light of current market conditions caused by the coronavirus (COVID-19) pandemic.

The programme incorporates plans to enable the Kingdom to service its funding requirements whilst balancing fiscal consolidation with continued economic growth.

The Finance Ministry added that the long-term fiscal plan, launched in October 2018, had intentionally built-in backstops and necessary resilience to service Bahrain’s financing needs over the course of the programme, including in times of challenging market conditions and economic volatility.

The Kingdom’s planned funding needs over the course of the programme are serviced through market access twice yearly, and through funds received from Saudi Arabia, the UAE and the State of Kuwait, as part of the Financial Support Agreement.

The Finance Ministry added that the Kingdom’s funding strategy is calibrated to efficiently tap financial markets at optimal times. Meanwhile, Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa yesterday held a video conference with Minister of Labour and Social Development Jameel bin Mohammed Ali Humaidan and members of the Shura Council Services Committee.

Among the issues discussed was the draft-law to withdraw BD215million from the unemployment fund to pay for the salaries of Bahrainis in the private sector for three months (April to June).

Shaikh Salman underlined the importance of the draft law, which has been referred to the Shura Council, in supporting citizens in the private sector.

It is a part of measures accompanying the BD4.3billion stimulus package approved in accordance with Royal directives to unify national efforts to confront the effects of COVID-19, and to protect the health and safety of the citizens and residents.