Bahrain - His Majesty King Hamad bin Isa Al Khalifa of Bahrain has ratified and promulgated a law on the Future Generations Reserve Fund, following its approval by the Shura and Representatives Councils.

According to the law, the amount of $1 shall be deducted from the price of each exported barrel of crude oil when the price is between $40 and $80 for two consecutive fiscal years, said a Bahrain News Agency report.

It also stipulates that the deducted amount shall increase to $2 when the price of a barrel of crude is between $80 and $120, and to $3 when it exceeds $120.

The Prime Minister and ministers, each in their capacity, shall implement the provisions of this law which takes effect at the beginning of the first fiscal year after its promulgation, and will be published in the Official Gazette.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).