Bahrain adds $470mln in expenditures to 2020 budget for coronavirus impact- BNA

The small oil producing Gulf state was bailed out in 2018 with a $10bln aid package

  
Image used for illustrative purpose. Light Trails On Road In City Against Sky Photo Taken In Al Muharraq, Bahrain.

Image used for illustrative purpose. Light Trails On Road In City Against Sky Photo Taken In Al Muharraq, Bahrain.

Getty Images/ Aditya Kothari / EyeEm

DUBAI- 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.

The small oil producing Gulf state was bailed out in 2018 with a $10 billion aid package from wealthy Gulf neighbours 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.

($1 = 0.3770 Bahraini dinars)

(Writing by Lisa Barrington; Editing by Toby Chopra, William Maclean) ((lisa.barrington@thomsonreuters.com;))

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