MANAMA: A new legislation that would see more money saved for future generations will be submitted by the government soon, revealed Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa.
He told the Shura Council yesterday during its weekly session that the new legislation would amend the 2006 Future Generations Fund Set-up Law.
Currently $1 is saved from every barrel of oil exported, on the condition that the international price is above $40 per barrel.
Under the new plan, $2 would be saved from every barrel of oil exported if the international price is $80 per barrel and $3 if the international price is $120 per barrel.
“We are working on necessary studies to recover all amounts taken by us from the fund due to the current circumstances and in future increase its revenues, while adjustments to the revenue system are underway,” said Shaikh Salman.
“It will take us a few weeks to finish the task and in the coming months submit it to the National Assembly.”
The comments were made as Shura members approved the fund’s closing financial statements for 2017 and 2018.
Shura financial and economic affairs committee chairman Khalid Al Maskati said the fund had to develop into a bigger savings net.
A Royal decree amending the 2006 Future Generations Fund Law issued by His Majesty King Hamad during the assembly recess allowed the government to withdraw $450 million from the fund to help combat Covid-19 through proactive medical approaches and necessities.
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