Plans to support the Future Generations Reserve Fund

Plans to support the Future Generations Reserve Fund

Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy

The Government is planning to refer a draft legislation to the legislative branch to increase the deduction from oil sales in support of the Future Generations Reserve Fund.



Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa said that the move would boost the revenues of the fund which plays a vital role.



The new legislation is one of the important tools that will contribute to to covering the amounts withdrawn from the fund in support of the general budget within the framework of the national efforts to combat COVID-19 pandemic“, he said.



He announced that the draft legislation would be introduced within the next few months, adding that the current law imposes a deduction of a dollar in the event that the price of one barrel exceeds 40 dollars.



He underscored the importance of providing sustained support to the fund, which contributed to mitigating the fallout of the pandemic which had global repercussions.



He said that the Government is keen on continuing support to the fund, to boost its assets at the global and local levels, and ensure the sustainability of its deposits in