{"id":214087,"date":"2021-11-29T07:54:32","date_gmt":"2021-11-29T07:54:32","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=214087"},"modified":"2021-11-29T21:20:58","modified_gmt":"2021-11-29T21:20:58","slug":"bahraini-economy","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/bahraini-economy\/","title":{"rendered":"S&P revises Bahraini economy outlook from negative to stable"},"content":{"rendered":"

Credit rating agency Standard & Poor’s<\/a> said it had revised its outlook for the Bahraini economy from negative to stable.<\/p>\n

Standard & Poor’s stated that the revision of the outlook comes against the backdrop of new financial reforms aimed at improving non-oil revenues and reducing government spending.<\/p>\n

\u201cThe Bahraini government recently announced additional fiscal reforms to strengthen non-oil revenue and rationalize expenditure. These measures, along with the more supportive oil price environment, should improve the sovereign\u2019s fiscal position\u201d, S&P said in a statement this weekend.<\/p>\n

Bahraini economy<\/h2>\n

Bahrain, whose rating is still below the \u201cinvestment\u201d level, averted a credit crunch in 2018 with a $10 billion rescue plan in which Saudi Arabia, Kuwait and the UAE contributed.<\/p>\n

These funds were linked to a set of financial reforms, but after the negative repercussions of the Coronavirus crisis, Bahrain postponed in September its plans to achieve a balance between revenues and expenditures in its budget for two years, and announced plans to increase value-added tax.<\/p>\n

Standard & Poor’s expects the government to benefit from additional financial support from neighboring Gulf countries if needed.<\/p>\n

Bahrain plans to double its value-added tax to 10 percent next year, a move that Standard and Poor’s estimates will raise tax revenue by 3 percent of gross domestic product in the next few years, up from about 1.7 percent of GDP this year.<\/p>\n

The kingdom also plans to rationalize government spending and social support in 2023 and 2024, a move that shifts the focus of reforms to the side of spending rather than increasing non-oil revenues.<\/p>\n

\u201cWe believe there is higher implementation risk in expenditure rationalization as the delicate political and social environment on the island, which has constrained the government\u2019s efforts, persists\u201d, S&P said.<\/p>\n

In a related context, the Bahraini Cabinet announced directives issued to the ministerial committee concerned with following up on investments to launch new development investment projects worth more than $30 billion.<\/p>\n

The Cabinet said, in a statement after its weekly meeting, that the new projects package includes new cities and investment and industrial areas.<\/p>\n

The new investment package also includes projects related to the sectors of infrastructure, tourism, industry, education, health, housing, youth and sports.<\/p>\n","protected":false},"excerpt":{"rendered":"

Credit rating agency Standard & Poor’s said it had revised its outlook for the Bahraini economy from negative to stable. Standard & Poor’s stated that the revision of the outlook comes against the backdrop of new financial reforms aimed at improving non-oil revenues and reducing government spending. \u201cThe Bahraini government recently announced additional fiscal reforms […]<\/p>\n","protected":false},"author":4,"featured_media":214091,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278],"class_list":["post-214087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured"],"yoast_head":"\nS&P revises Bahraini economy outlook from negative to stable | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Credit rating agency Standard & Poor's said it had revised its outlook for the Bahraini economy from negative to stable.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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