COVID-19 business relief: Bahrain Plans $470mln in emergency spending

The government had unveiled an $11bln stimulus package to help the private sector

  
Image used for illustrative purpose. Bahrain Manama Skyline at Twilight, Manama Cityscape with office buildings, hotels and the world trade center of the capital of Bahrain illuminated at night under beautiful skyscape.

Image used for illustrative purpose. Bahrain Manama Skyline at Twilight, Manama Cityscape with office buildings, hotels and the world trade center of the capital of Bahrain illuminated at night under beautiful skyscape.

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Bahrain's cabinet has agreed to a draft law to add up to 177 million dinars ($470 million) to the 2020 budget to address the emergency expenses required for mitigating COVID-19's impact and curbing its spread, Bahrain News Agency reported.

The government had unveiled an $11 billion stimulus package to help the private sector navigate the setbacks triggered by COVID-19.

According to media reports, most of Bahrain's lawmakers have voiced their interest in backing a proposal to extend the stimulus package launched to mitigate the economic impact of COVID-19 for three more months, until the end of September.

Based on a recommendation by the Government Executive Committee, the cabinet also approved a draft law decree amending some provisions of the Reorganisation and Bankruptcy Law.

The bill aims to enhance transparency in the reorganisation and bankruptcy procedures, as well as to ensure the rights and role of creditors in them.

(Writing by Seban Scaria; editing by Anoop Menon)

seban.scaria@refinitiv.com

#COVID-19 #Bahrain #Economy #Stimulus

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