Bahrain unveils $1.2-billion stimulus package for Covid-hit sectors

Share
1 min read
Share
  • The king has issued a royal decree to extend a number of initiatives for three months

  • Bahrain’s Crown Prince and Prime Minister will oversee the implementation of the royal directives across the relevant authorities

 

Bahrain’s King Hamad bin Isa Al Khalifa on Monday, June 14, announced an economic stimulus package worth BD485 million ($1.2 billion) to boost business sectors hit by the Covid-19 pandemic, said local reports on Tuesday.

He issued a royal decree to extend a number of initiatives “to protect livelihoods and mitigate the impact of Covid-19 on the economy,” said the reports.

Bahrain’s Crown Prince and Prime Minister Salman bin Hamad Al Khalifa will reportedly oversee the implementation of the royal directives across the relevant authorities in developing appropriate solutions to support the mostly impacted sectors.

Some initiatives within the existing financial and economic package, which will be extended for an additional 3 months — from June to August — include exempting companies impacted by Covid-19 from paying municipal fees, exempting tourist establishments and facilities from paying tourism fees, exempting companies impacted by Covid-19 from paying the commercial registration renewal fees for 2021, and exempting tenants of government properties including government-owned companies from paying rent.

Additionally, the salaries of insured Bahraini private-sector employees working in impacted sectors will be paid through the Unemployment Insurance Fund. They will get the full salary for the first month, and half each for the second and third months.

The Tamkeen Labor Fund Business Continuity Support program for companies impacted by the pandemic will also be extended by three months. The country will also reopen applications to the liquidity fund, with a focus on small and medium-sized companies.

SPEEDREAD


Today's Headlines

The most important news stories of the day, curated by Post editors and delivered every morning.

Google reCaptcha: Invalid site key.

By signing up you agree to our Terms of Use and Privacy Policy.

MORE FROM THE POST