Wednesday 29 March 2023

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

MANAMA, June 15, 2021

Bahrain's His Majesty King Hamad bin Isa Al Khalifa yesterday (June 14) issued a royal decree extending a number of initiatives launched within the economic stimulus package worth BD485 million ($1.2 billion) designed to protect livelihoods and mitigate the impact of Covid-19 on the economy. 
The weekly Cabinet meeting chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, commended HM the King’s continued support for national efforts to combat the pandemic and safeguard the health of all, reported BNA
HRH Crown Prince and Prime Minister is to oversee the implementation of the Royal Directives across the relevant authorities in developing appropriate solutions to support the mostly impacted sectors. 
A number of support initiatives within the existing financial and economic package will be extended for an additional 3 months from June to August, set out as follows: 
•The salaries of insured Bahraini private sector employees working in impacted sectors will be paid through the Unemployment Insurance Fund for a period of 3 months, 100% for the first month and 50% for the second and third months.
•Exempting companies impacted by Covid-19 from paying municipal fees for a three-month period.
•Exempting tourist establishments and facilities from paying tourism fees for three months.
•Extension of the Tamkeen Labor Fund Business Continuity Support program for companies impacted by the pandemic for three months.
• Exempting tenants of government properties including government owned companies from the payment of rent for three months.
•Exempting companies impacted by Covid-19 from paying the commercial registration renewal fees for 2021.
•Re-opening of applications to the liquidity fund, with a focus on small and medium-sized companies.
This is in addition to the already announced extension of the option to defer loan repayments for a period of six months, reported BNA.
These measures are to be introduced following the review of a memorandum by the Ministerial Committee for Financial and Economic Affairs and Fiscal Balance, it added. 


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