Bahrain Mirror: King Hamad bin Isa Al Khalifa issued on Tuesday, September 26, 2023, a decree raising the ceiling of the kingdom's public debt to BHD 16 billion, equivalent to $42.5 billion.

The king issued Decree Law (13) of 2023 amending some provisions of Decree Law No. (15) of 1977 regarding the issuance of development bonds, based on the proposal of the Minister of Finance and National Economy, and after the approval of the Cabinet, Bahrain News Agency reported.

The decree law stipulated the following:

Article one
The texts of Articles (1) and (2) of Decree (15) of 1977 regarding the issuance of development bonds shall be replaced with the following text:

Article (1):
The Minister of Finance and National Economy is authorised, in agreement with the Central Bank of Bahrain (CBB), to issue, in the Kingdom of Bahrain or abroad, treasury bills and development bonds, Sharia-compliant financing instruments, and other financial facilities up to BHD 16,000 million dinars (sixteen thousand million dinars).

Article (2):
Treasury bills, development bonds, and financing instruments referred to in the previous article shall be owned by its bearer, nominative or traded publicly, and amortised within the period specified in the prospectus.

The Minister of Finance and National Economy, in agreement with the Central Bank of Bahrain, may issue these treasury bills, bonds, and financing instruments, whether in Bahraini dinars or other foreign exchangeable currencies and may also re-issue them again in lieu of the ones that have been amortised, so that their current value does not exceed BHD 16,000 million dinars (sixteen thousand million dinars).

The Minister of Finance and National Economy shall implement this decree, which shall come into effect from the date of its issuance, and it shall be published in the Official Gazette.

Arabic Version