Financial Parliamentary Commission Agrees on Raising Public Debt Ceiling to 10 Billion BD
2015-12-10 - 1:39 am
Bahrain Mirror: The Financial and Economic Parliamentary Commission passed on Sunday (December 6, 2015) a decree law to raise the public debt ceiling to 10 billion Bahraini dinars instead of 7.
The commission president, Abdulrahman Bou Ali said that "all the members of the commission were present and agreed to the aforementioned decree," adding that "the economic conditions that the country is experiencing force us to deal with issues with more awareness and consideration of the state's economic situation amid a decrease in oil prices and a nosedive of government revenues over the current year."
It is noteworthy that during less than a year, the government used to two decree laws to borrow 5 billion BD, in late 2014 (December) and in mid October, 2015.
Bahrain is suffering from a severe political crisis since the eruption of nationwide protests in February 2011 that have affected the national economy, leading to a decrease in oil prices aggravating the crisis. This made the government to take a series of decisions to reduce expenses, particularly reducing commodity and services subsidies.
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