Gulf Deficits Expected to Hit $490bln by 2023, Standard & Poor's Report
Countries of the energy-rich Gulf are expected to accumulate $490 billion in deficits by 2023 due to the double hit of low oil prices and the coronavirus slowdown, Standard and Poors said in a report.
Bahrain Borrowing Critical for Currency Peg after FX Reserves Drop: Moody's
Bahrain will need to attract additional capital this year, including through borrowing to sustain its currency peg, after a huge drop in foreign reserves due to low oil prices, ratings agency Moody's said.
McLaren Poised to Secure Loan from National Bank of Bahrain
McLaren is poised to secure a loan from the National Bank of Bahrain to solve its cash-flow problems, news websites have learned.
Government Pumps Additional BD177 Million into this Year's Budget
The government has agreed to pump an additional BD177 million ($470.7 million) into this year's budget to deal with the emergency expenditures incurred by the country as a result of the Coronavirus pandemic.
Will Financial Pressures Prompt Bahrain to Sell its Share in Gas Port?
The Coronavirus pandemic consequences and oil price collapse have increased financial pressures on the Government of Bahrain, which prompted it to borrow three times this year.
Bahrain Fiscal Deficit Expected at 12% of GDP in 2020: S&P
Bahrain's fiscal deficit is seen widening to 12% of GDP this year from 4.6% in 2019, largely due to lower oil prices, S&P Global Ratings said on Saturday.
Manama Powerless in front of Riyadh's Dominance: Saudi Decision Puts Bahrain's Land Transport Sector on Bankruptcy Brink
Instances of Saudi bullying against Bahrain are increasing. After it was recently revealed that the Saudi authorities do not allow Bahrain to conduct any surveys in the northern and western Gulf of Bahrain.
Editorial: For Decision-Makers in Bahrain, Don't Rush to Empty Pockets of the Poor
The Coronavirus pandemic and collapse of oil prices have had major effects on Bahrain's finances, but what is not acceptable is that the government compensates for its losses by taking from the citizens' pockets as Saudi Arabia has done.
With Dangerous Numbers Recorded, Bahrain Needs New Fiscal Balance Plan
Recent developments have severely damaged the government's fiscal balance program in partnership with three Gulf supporters. It seems that Bahrain needs to prepare a new program to rebalance the country's finances.
Junk-Rated Bahrain to Brave Markets with Dollar Bond Issues
Bahrain has hired banks for a potential dual-tranche dollar bond issue, banking sources said, as the junk-rated Gulf oil producer seeks to raise cash amid the new coronavirus outbreak and historically low oil prices.
Bahrain Sells $2 bln in Dual-Tranche Bonds with over $11 bln Demand : Document
Bahrain sold $2 billion in a dual-tranche bond issuance comprising 4-1/2-year sukuk, or Islamic bonds, and 10-year conventional bonds, a document showed on Thursday.
Bailed-out Bahrain may Need more Gulf Support as soon as this Year
Bahrain may need more financial aid from fellow Gulf Arab states as soon as this year but its wealthier neighbours could themselves be hamstrung by low oil prices and the economic impact of the new coronavirus, bankers and analysts said.
What Does it Mean that Bahrain Pays Debt with Debt?
Last month, Bahrain borrowed $1.25 billion (BD470 million) to pay bonds due by the end of March.
Bahrain Asks Gulf States to Move Closer Date for Planned Aid Package
Sources in the Ministry of Finance and National Economy said that Bahrain has asked the Gulf States to move closer date for planned aid package as part of the financial balance program.
Bahrain Raised $1 billion Loan to Repay Bond Last Month: Sources
Bahrain secured a loan of about $1 billion to repay a bond that was due at the end of March, three sources familiar with the matter said, after the Gulf state suspended plans to issue international debt due to bad market conditions.
Public Fundraising Campaign Launched in Bahrain to Ease Country's Financial Burden
Bahrain has launched a public fundraising campaign to help ease pressure on the finances of the country, which is facing increasing difficulties with slow production and ongoing drop in oil prices.
Bahrain Pays back $1.25bln in Bonds
Bahrain has paid back $1.25 billion in bonds that matured on March 31, the Ministry of Finance and National Economy said on Wednesday.
Bahrain in Talks for $1 billion Loan after Bond Plans Suspended
Bahrain is in talks with banks for a loan of about $1 billion after the Gulf state's plans to issue international bonds were suspended due to bad market conditions, sources told Reuters.
Finance Ministry Announces Inaccurate Numbers Again, Deficit Larger in Reality
Doubts have been raised about the data that the Finance Ministry released regarding the past year and claiming that financial balance has been reached. Did the Ministry present inaccurate information on the deficit after the announced false data on the public debt?
2019 Roundup: Gov’t Obtains One Billion, 100 Million from Citizens’ Pockets
2019 ended with more financial complications for Bahrain. There was no more room for the financial balance lie. The state hadn’t actually benefited from the retirement of thousands of its employees under the voluntary retirement program.