Bahrain to fund private sector salaries with $570 million relief initiative due to Covid-19 – The National

Bahrain to fund private sector salaries with $570 million relief initiative due to Covid-19 – The National

Kingdom to pay for wages of 100,000 citizens in private sector jobs from April to June. Bahrain rolled out a $570 million (Dh2.09 billion) initiative to pay for the wages of 100,000 citizens working in the private sector for three months, covering April to June, as a measure to help relieve the economic impact of the coronavirus on businesses and workers.. The assistance will also maintain the growth of the private sector and its vital role in supporting the national economy.. The initiative is part of an $11bn economic support programme aimed at helping the private sector cope with the impact of the Covid-19 crisis.. The salaries initiative comes as Gulf nations announce a series of measures to mitigate the impact of the fast-spreading virus on their economies.. Among the hydrocarbon-rich states in the Gulf, which account for about a third of the world's proven oil reserves, the Central Bank of the UAE was the first to rollout a Dh100bn economic stimulus, which it increased to Dh256bn.. Kuwait's central bank also announced a stimulus package on April 2 to support smaller businesses as it reduced liquidity and capital adequacy requirements for banks and cut risk weighting for SMEs.. Governments across