{"id":202033,"date":"2021-07-09T20:39:45","date_gmt":"2021-07-09T20:39:45","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=202033"},"modified":"2021-07-09T20:39:45","modified_gmt":"2021-07-09T20:39:45","slug":"bahrain-economic-rescue","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/bahrain-economic-rescue\/","title":{"rendered":"Bahrain needs economic rescue despite oil surge"},"content":{"rendered":"

Bahrain, as the weakest economy of the rich Gulf Cooperation Council economies, despite the rise in oil prices, still needs and economic rescue according to Bloomberg.<\/p>\n

The Kingdom \u201cneeds crude prices above $88 a barrel to balance its budget this year, according to the\u00a0International Monetary<\/a>\u00a0Fund,\u201d the agency said.<\/p>\n

The agency indicated that Bahrain is preparing to benefit from the rise in oil revenues in the coming months to finance the budget deficit, which widened following the outbreak of the Coronavirus pandemic.<\/p>\n

\u201cAbout $5.6 billion of the GCC Development Fund program has been utilized to date, with around $500 million of projects awarded in the first three months of 2021,\u201d Bloomberg said.<\/p>\n

\u201cAmbitious reform is needed to address Bahrain\u2019s large fiscal imbalances and there doesn\u2019t seem to be the political will behind this currently,\u201d said Scott Livermore, chief Middle East economist for\u00a0Oxford Economics<\/a>\u00a0in Dubai.<\/p>\n

\u201cThe general consensus seems to be that Bahrain will need further Gulf backing in the medium term.\u201d<\/p>\n

Bahrain, a small oil producer, received $10 billion in aid from Saudi Arabia, the United Arab Emirates and Kuwait over five years in 2018.<\/p>\n

But Bahrain’s Finance Minister, Sheikh Salman bin Khalifa Al Khalifa, told the agency that his priority at the moment was to restore economic growth rather than increase revenues.<\/p>\n

\u201cWe really want to see the recovery take hold before we take any additional steps in that regard,\u201d he said.<\/p>\n

The International Monetary Fund expects Bahrain’s reserves to average $2.5 billion in 2022, covering only 1.2 months of imports.<\/p>\n

Bahrain’s budget deficit is likely to reach about 9% of the economic output this year, more than double Oman’s deficit of 2.4%, according to International Monetary Fund data.<\/p>\n

Fitch\u2019s chief analyst for Bahrain had previously suggested that Manama would need more financial assistance from its Gulf neighbors starting in 2023.<\/p>\n

In April, Moody’s credit rating agency revised Bahrain’s outlook to negative with a B2 rating.<\/p>\n

The new Coronavirus pandemic affected Bahrain as a result of the drop in oil prices, in addition to the economic closure that has continued for intermittent periods since March 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bahrain, as the weakest economy of the rich Gulf Cooperation Council economies, despite the rise in oil prices, still needs and economic rescue according to Bloomberg. The Kingdom \u201cneeds crude prices above $88 a barrel to balance its budget this year, according to the\u00a0International Monetary\u00a0Fund,\u201d the agency said. The agency indicated that Bahrain is preparing […]<\/p>\n","protected":false},"author":4,"featured_media":202036,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278],"class_list":["post-202033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured"],"yoast_head":"\nBahrain needs economic rescue despite oil surge | Business News Report<\/title>\n<meta name=\"description\" content=\"BNReport - Bahrain, as the weakest economy of the rich Gulf Cooperation Council economies, despite the rise in oil prices, still needs and economic rescue\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/bahrain-economic-rescue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bahrain needs economic rescue despite oil surge | Business News Report\" \/>\n<meta property=\"og:description\" content=\"BNReport - 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