The stimulus package is equivalent to 29.6 percent of Bahrain’s annual GDP.
The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…1278 | the publication reaches you by | Bahrain News
The eight-point package includes a draft law – not yet passed – that concerns paying the salaries of all private sector employees for three months from April 2020 from the unemployment fund, following constitutional procedures and in line with the country’s social insurance law.
Individuals and businesses will also be exempt from municipal and industrial land rental fees for three months, while tourism-related companies will be except from tourism levies.
Bahrain’s liquidity fund will also be doubled to $529.7 million, while the Central Bank’s loan facilities will be increased to $9.7bn to allow debt instalments to be deferred and extra credit to be extended.
Lastly, Tamkeen – a semi-autonomous government agency that provides loans and assistance to business – has been tasked with supporting adversely affected companies and restricting al the debts it has issued.
There have been 241 confirmed cases of coronavirus in Bahrain, including one death.
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