Fitch: Bahrain may Need New Financial Assistance as of 2023
2021-07-27 - 9:42 p
Bahrain Mirror: Bahrain will likely need further financial support from its Gulf neighbors despite reform measures, Fitch Ratings' lead Bahrain analyst Toby Iles said on Monday.
Iles said Bahrain, a small oil producer, was likely to likely need the support from 2023 onwards.
In 2018, Saudi Arabia, the United Arab Emirates and Kuwait came to Bahrain's aid with a five-year zero-interest $10.25 billion package to help it avoid a credit crunch.
Despite the bailout package, Bahrain's financial situation has been under pressure due to the epidemic and lower oil prices. The IMF expected a budget deficit of about 9.2% of last year's GDP.
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