Bahrain’s economic stimulus package – The key points:
Referring a draft law concerning paying the salaries of all private sector employees for three months from April 2020 from the unemployment fund, following constitutional procedures and in line with the Social Insurance Law.
Paying individuals’ and businesses’ Electricity and Water Authority utility bills for three months from April 2020 (up to the costs incurred during the same period in 2019), whilst also restructuring government administrative costs to offset additional costs incurred by the government.
Exempting all individuals and businesses from municipal fees for three months from April 2020.
Exempting all businesses from industrial land rental fees for three months from April 2020.
Exempting all tourism-related industry from tourism levies for three months from April 2020.
Doubling the Liquidity Support Fund to US$530m.
Increasing the Central Bank of Bahrain’s loan facilities to US$9.8bn to allow debt instalments to be deferred and extra credit to be extended.
The redirection of all Tamkeen programmes (semi-autonomous government agency that provides loans and assistance to businesses) to support adversely affected companies, as well as the restructuring of all debts issued by Tamkeen.