Coronavirus: Bahrain adds $470 mln in COVID-19 impact spending to 2020 budget

General view of Bahrain's financial district in Manama, Bahrain, June 20, 2019. (Reuters)

Bahrain will add around 177 million dinars ($470 million) to its 2020 state budget in emergency spending on fighting the new coronavirus pandemic, state news agency BNA said on Monday, reporting a royal decree.

To this end, $450 million will be taken as a one-time deduction from the Future Generations Fund (FGF), a fund set up in 2006 to reinvest hydrocarbon revenues, and allocated to this year’s state budget, another new decree said.

The decrees also announced a temporary halt to the allocation of oil revenues to the FGF until the end of 2020.

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The small oil producing Gulf state was bailed out in 2018 with a $10 billion aid package from wealthy Gulf neighbors to avoid a credit crunch and has been working to plug its budget deficit.

Bahrain has reported just under 33,000 cases of infection with the coronavirus and 108 deaths.

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Last Update: Monday, 13 July 2020 KSA 19:07 - GMT 16:07
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