Subsidies on Electricity to be Lifted in 2016 Gradually Over 4 Years
Bahrain Mirror: Member of the minor committee assigned to review the redirection of subsidies and development of government revenues in the Bahraini Parliament, said that “the government aims at lifting subsidies on electricity for non-Bahrainis gradually within a 4-year plan.”
AMF: Bahraini Economy Likely to be Affected by Fuel Prices Fluctuations
Bahrain Mirror: A report entitled “Horizons of the Arab Economy” issued by Arab Monetary Fund (AMF) said that the Bahraini economy is expected to become affected in 2015 and 2016 by the fluctuations of global fuel prices.
MP Al-Qarata: Government to Present New Decree to Raise Public Debt Ceiling to 12 Billion
Bahrain Mirror: The Bahraini Member of Parliament Ahmed Al-Qarata said: “The government will present a new decree-law to the parliament to raise the public debt ceiling in order to open the door for more borrowing following the drop in oil prices.”
Al-Maskati: Decrease in Oil Prices Makes General Budget Face Challenges
Bahrain Mirror: Chairman of Bahrain’s Shura Committee on Finance and Economic Affairs Khalid Al-Maskati said that the decrease in oil prices to less than 60 dollars exposes the general budget to challenges.
Reuters: Bahrain's Arcapita Buys Part of Abu Dhabi Property Project for $200 mln
Reuters: Arcapita, the Bahrain-based investment management firm, has acquired phase one of Saadiyat Beach Residences, a residential real estate complex in Abu Dhabi, the company said in a statement on Tuesday.
Moody's Changes Outlook on Bahrain's Banking System to Negative
Bahrain Mirror: The international rating agency, Moody's Investors Service, has changed the outlook for Bahrain's banking system to negative from stable.
Reuters: Bahrain Passes 2015-16 Budget After Parliament Forces Changes
Reuters: Bahrain's top government advisory body has passed a state budget for 2015 and 2016 after a six-month delay during which parliament forced changes to the plan, underlining the heavy financial pressure that Bahrain faces amid low oil prices.
Reuters: Fitch Downgrades Two Bahraini Banks to 'BBB-'; Outlook Stable
Reuters: Fitch Ratings has downgraded National Bank of Bahrain's (NBB) and BBK B.S.C.'s (BBK) Long-term Issuer Default Ratings (IDRs) to 'BBB-' from 'BBB'.
Reuters: Fitch Downgrades Bahrain to 'BBB-' Outlook Stable
Ruters: Fitch Ratings has downgraded Bahrain's Long-term foreign currency Issuer Default Rating(IDR) to 'BBB-' from 'BBB' and Long-term local currency IDR to 'BBB' from 'BBB+'. The Outlooks are Stable.
Deutsche Bank: Bahrain has Less than Two Years’ Worth of Cash Reserves
Bahrain Mirror: The Deutsche Bank stated that Bahrain has less than two years’ worth of cash reserves left at current levels of spending.
Bahrain’s Deficit will Reach 12% in 2015
Bahrain Mirror: The outlook for most of the rich Gulf Arab economies has dimmed for this year and next as oil prices have remained relatively low, according to a Reuters poll published on Wednesday. The poll revealed that Bahrain inflation will reach 12% of its GDP for this year
Moody's Credit Rating Agency Expects 14% Rise in Bahrain's Budget Deficit
Moody's Investors Service, a credit rating agency, expected that Bahrain's budget deficit will increase to 14% of its GDP in 2015, and shrink to 10% in 2016.