MANAMA — Bahrain unveiled $11.3bn (BHD 4.3bn) economic stimulus package to support its citizens and the private sector hit by coronavirus pandemic, state news agency Bahrain News Agency reported late on Tuesday. The package, which is equivalent to 29.6 percent of Bahrain's annual GDP, was announced during a press conference in Manama attended by a number of ministers. The eight-point package includes a draft law that concerns paying the salaries of all private sector employees for three months from April 2020 from the unemployment fund, following constitutional procedures and in line with the country's social insurance law. Apart from that all water and utility bills will be paid for three months from April, up to the cost incurred during the same period in 2019. Individuals and businesses will also be exempt from municipal and industrial land rental fees for three months, while tourism-related companies will be except from tourism levies. Bahrain's liquidity fund will also be doubled to $529.7 million, while the Central Bank's loan facilities will be increased to $9.7 billion to allow debt installments to be deferred and extra credit to be extended. Lastly, Tamkeen — a semi-autonomous government agency that provides loans and assistance to business — has been tasked with supporting adversely affected companies and restricting al the debts it has issued.
