Latest news with #BD16
Daily Tribune
03-05-2025
- Business
- Daily Tribune
MPs set to debate public debt hike to BD18 bn
Lawmakers will next week debate two emergency decree-laws that would raise Bahrain's public debt ceiling—first to BD16 billion, then to BD18bn— to give the government more financial flexibility in tackling budget shortfalls and maturing repayments. The first, Decree-Law No. 13 of 2023, proposes amendments to Bahrain's 1977 law on development bonds. If approved, it would authorise the Finance Minister, in coordination with the Central Bank, to issue treasury bills, Sharia-compliant instruments, and other borrowing tools both domestically and abroad, within a BD16bn cap. Instruments could be issued in Bahraini dinars or other convertible currencies and reissued upon maturity. Parliament's Financial and Economic Affairs Committee first reviewed the law in early 2024, but MPs returned it for further study. A revised report is now set for discussion, after the Finance Ministry warned of a growing gap in financing needs for 2023 and 2024, driven by over BD4bn in debt and interest repayments. By September 2023, Bahrain's oil revenues stood at BD1.43bn, with public debt exceeding 103% of GDP. The Finance Ministry argued that the new language—particularly the term 'other credit facilities'—modernises the law to reflect tools used by today's financial markets, enabling Bahrain to manage mounting liabilities and adapt to global interest rate volatility. Although Decree-Law 13 was passed in 2023, it has not yet received final parliamentary ratification. Meanwhile, a second measure—Decree-Law No. 10 of 2024—was issued in August, further lifting the cap to BD18bn. It took legal effect immediately after being published in the Official Gazette, but is also awaiting parliamentary sign-off. The committee evaluated the second decree across five meetings between October 2024 and April 2025, studying financial records, legal input and responses from the Finance Ministry. Its final report, submitted on April 20, found the move legally sound under Article 38 of the Constitution, which permits temporary legislation by royal decree when Parliament is in recess. Bahrain ran a budget deficit of BD774 million in 2023 and expects this to increase to BD904m in 2024—nearly BD1bn above initial budget estimates. According to the Finance Minister, Shaikh Salman bin Khalifa Al Khalifa, contributing factors include BD1bn in unpaid gas bills by the Electricity and Water Authority, overspending on social welfare, and delayed support payments under the Fiscal Balance Programme. The Central Bank confirmed the move fell within budget law provisions. Officials warned that without legal approval for the new debt ceiling, the government could face constitutional challenges in meeting its obligations. Under the BD18bn cap, bonds and similar instruments can be reissued as they mature, provided total borrowing remains within the approved limit.
Daily Tribune
20-03-2025
- Daily Tribune
Woman loses money to fake online clothing store
TDT | Manama Another citizen became the victim of an online scam after falling prey to a fraudulent Instagram account. The account, claimed to sell clothing and attracted attention for its variety of dresses, particularly for the upcoming Eid celebrations. The victim was browsing Instagram when she discovered the account and became interested in purchasing a dress. She reached out to the seller through WhatsApp, where the account asked for her name, address, and other personal details. They then requested a prepayment of BD16 for the dress, which was supposedly to be delivered on the 17th of Ramadan at 4pm. Delivery After making the payment through BenefitPay, the woman was informed that the order would be delivered the next day. However, the promised delivery never arrived. She tried calling and messaging the seller multiple times, but her attempts were met with silence. The WhatsApp number displayed 'unable to receive calls,' and her messages were marked with a single checkmark, indicating they were not delivered. Seller Taking matters into her own hands, the woman's daughter attempted to contact the seller from her own number, and to her surprise, the phone rang. She also messaged the seller under the pretense of placing a new order, and this time, the seller responded immediately, asking for the same details and payment, this time via IBAN. Confronting the account with proof of her mother's prior conversation, the daughter was met with the same treatment — her messages showed only one checkmark, and the seller's number was again 'unable to receive calls.' Communication The scam is reportedly designed to steal money from unsuspecting buyers before blocking them to prevent any further communication. The account has a fake following, and comments are disabled to avoid detection. The victim has since reported the incident to the Cyber Police, and investigations are underway. Experiences Additionally, several others have come forward on Reddit, sharing similar experiences with the fraudulent account. The family urges others to be vigilant and spread the word to prevent more individuals from falling victim to this scam. The authorities are currently investigating the matter, and a call from CID was received just yesterday, confirming that the case is being handled. Tips to Avoid Scams: 1 -Verify the credibility of the website or seller before making a purchase. 2-Check customer reviews and ratings from previous buyers. 3-Avoid making upfront payments through untrusted methods.
