Bahrain’s Ministry of Finance and National Economy announced yesterday (April 1) it had repaid an international $1.25 billion bond that reached maturity on March 31, a media report said.
The ministry said that the successful repayment demonstrates the strength and robustness of the Kingdom’s Fiscal Balance Program, particularly in light of current market conditions caused by the Covid-19 pandemic, reported Bahrain News Agency (BNA).
The Program incorporates plans to enable the Kingdom to service its funding requirements whilst balancing fiscal consolidation with continued economic growth.
The Finance Ministry added that the long-term fiscal plan, launched in October 2018, had intentionally built in backstops and necessary resilience to service Bahrain’s financing needs over the course of the Program, including in times of challenging market conditions and economic volatility.
The Kingdom’s planned funding needs over the course of the Program are serviced through market access twice yearly, and through funds received from Saudi Arabia, the UAE and Kuwait, as part of the Financial Support Agreement.
The Finance Ministry added that the Kingdom’s funding strategy is calibrated to efficiently tap financial markets at optimal times. – TradeArabia News Service