Bahrain ministers issued the unprecedented policy to directly support citizens, residents, and businesses in the kingdom during a press conference in the capital city of Manama.
The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…1190 | the publication reaches you by | Bahrain News
Bahrain has referred a draft law concerned with paying the salaries of all private sector employees for three months from April 2020 from the unemployment fund, following constitutional procedures – a move that is in line with the social insurance law.
The package also aims to pay the utility bills issued by the Electricity and Water Authority for individuals and businesses for three months from April 2020, up to the costs incurred during the same period in 2019.
Bahrain will also restructure administrative costs to offset additional costs incurred by the government.
The initiative will exempt all individuals and businesses from municipal fees for three months from April 2020; exempt all businesses from industrial land rental fees for three months from April 2020; and exempt all tourism-related industry from tourism levies for three months from April 2020.
The stimulus package will also double the Liquidity Support Fund to $530m (BHD200m), according to the state-run Bahrain News Agency.
The Central Bank of Bahrain’s loan facilities will be increased to $9.8bn (BHD3.7bn) to allow debt instalments to be deferred and extra credit to be extended
In addition, all programmes by Tamkeen – a semi-autonomous government agency that provides loans and assistance to businesses – will be redirected to support adversely affected companies, as well as toward restructuring all debts issued by entity.
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