S&P shifts Bahrain’s outlook from negative to sturdy

(MENAFN) S&P Global Ratings shifted outlook of Bahrain to stable from negative, as the Gulf nations conducts financial reforms to improve its economy. Higher crude costs along with support from other Gulf countries are also predicted to support the nation to enhance its economic stance.

The ratings agency stated in a statement that confirmed Bahrain’s ‘B+/B’ long and short-term foreign and national currency sovereign credit ratings.

On Saturday, it also stated, “the stable outlook indicates we expect the government to implement measures to reduce the budget deficit and benefit from support from other GCC sovereigns if needed, in addition to the direct fiscal support already pledged.”

In the previous month, Bahrain initiated an economic scheme that aims to invest about USD30 billion in strategic plans to increase development after the pandemic, enhance employment for locals and draw overseas investment.

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