Bahrain to raise debt ceiling to $40 billion amid coronavirus slowdown

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Bahrain’s government has raised its debt ceiling to 15 billion dinars ($39.79 billion) from 13 billion dinars to help finance public spending, the cabinet said on Monday, as low oil prices and the coronavirus crisis have dented state revenues.

The debt ceiling was also increased to pay for other expenditure and to cover debt installments for the financial years 2020 through 2022, the cabinet said in a statement. Bahrain last raised its debt ceiling to 13 billion dinars in 2017.

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