Finance & Capital Market

Bahrain extends stimulus for private sector, citizens

Bahrain has announced the extension of its stimulus measures to support private sector jobs and citizens. 
Finance and National Economy Minister said Shaikh Salman bin Khalifa Al Khalifa today stated that in line with Royal Directives, the government has decided to take additional stimulus measures following consultation with the Legislative Authority and the Bahrain Chamber of Commerce & Industry, a Bahrain News Agency report said.
Over a three-month period starting from July 2020, the Government will support 50% of salaries for insured citizens employed in the private sector working for companies most affected by the coronavirus (Covid-19), under a scheme administrated by the Ministry of Labour and in cooperation with relevant entities.
For the same three-month period the government will meet citizens’ domestic electricity costs for primary residences, up to the full cost of the same period the preceding year.
Economic sectors most adversely affected by the repercussions of Covid-19 will be further supported by the Labour Fund (Tamkeen) according to the rules and conditions approved by its board of directors.
Shaikh Salman said: “We review our necessary and targeted economic interventions on an ongoing basis, always ready to make adjustments or take additional steps, where we anticipate emerging pressures or particular sector requirements.
This additional package of measures announced today will further reduce pressure on householders and families across the kingdom, at the same time as supporting the many jobs of those employed in the private sector, as their employers continue to respond to the unique economic challenges posed by Covid-19. 
"Our Covid-19 response objectives remain unchanged – to protect the health and employment of our citizens, and the long-term strength of our economy. Until such time as we can return Bahrain to delivering strong and sustainable economic performance and growth, the government remains committed to early, targeted and effective economic intervention and support,” he added.