Bahrain to rebuild savings used for Covid pandemic by capitalising on the increasing demand for oil: report – Arabian Business

Bahrain to rebuild savings used for Covid pandemic by capitalising on the increasing demand for oil: report – Arabian Business

Bahrain, which is one of the most heavily indebted among the oil producers of the Middle East, will put $2 into the Future Generations Reserve Fund for each barrel of crude sold at over $80, according to a statement.

The country will set aside $1 when oil is over $40, and pay $3 if it exceeds $120, Bloomberg reported.

With this, Bahrain will resume making payments into its rainy day fund as it looks to rebuild savings tapped to handle the economic impact of the Covid-19 pandemic.