Bahrain set for bigger say in IMF
Manama, March 6, 2012
Bahrain’s Shura Council yesterday (March 5) approved amendments to an existing law, which would allow the Kingdom to have a greater stake in the International Monetary Fund (IMF).
They have already been approved by parliament and will now be referred to His Majesty King Hamad.
If the amendments go through, Bahrain would get more Special Drawing Rights (SDR) at the IMF, which in turn will give it a bigger say in voting on international monetary and economic policy reforms.
Council foreign affairs, defence and national security committee secretary Nancy Khadoury said that Bahrain's current share in the SDR stood at 135 million units, which was around 0.073 per cent of all shares.
'If the amendments are approved, then Bahrain would be getting 176.4 million units, which is an increase of 41.4 million units,' Khadoury said.
'It will give Bahrain more power in SDR up to 0.1 per cent, which is a bigger say in the IMF's voting in international monetary and economic policy reforms.
'Bahrain's share payments to the IMF will be done 25 per cent from its SDR and 75 per cent using bonds saved in the Central Bank of Bahrain under the direct control of the IMF, not Bahrain's government,' she added.
The amendments would affect an existing law passed to allow Bahrain to have a stake in the IMF. – TradeArabia News Service
More Government & Laws Stories
- Galfar ex-CEO gets 15 years' jail over bribes
- New law on family violence on the way in Bahrain
- Four blast suspects are remanded in Bahrain
- Bahrain to step up war on terror
- Norton Rose Fulbright moves London head to Dubai
- DSG ‘ready to implement Smart Dubai Strategy’
- Iraqi women protest new draft law
- Bahrain police 'face more danger in line of duty'
- Saudi names Brotherhood as terrorist group
- Qatar outraged over terror claims
- Bahrain PM condemns exploitation of children
- Qatar will not alter foreign policy: source
- Bahrain accuses Iran of fomenting trouble
- 'Put security before rights' in Bahrain: publisher
- 'Hizbollah trained Daih blast suspect'
- Key terror blast suspects named in Bahrain
- $2.6m Royal Fund for martyrs set up
- Bahrain to draw up new anti-terror laws
- GCC ROW: Qatar voices surprise over envoys pull out
- GCC tobacco tax rise ‘will fuel illicit trade’
- Saudi, UAE, Bahrain withdraw envoys from Qatar
- Bahrain explosion draws global condemnation
- GDN photographer hurt in blast is discharged
- Iran playing increasing role in Bahrain unrest
- Bahrain launches 6-point plan to fight terror
- Sisi gives sign he will run for president
- New Saudi clamp on energy drinks
- Health insurance must for Saudi visa
- Qatari doctor gets 7 years jail in UAE
- Family violence law articles approved in Bahrain