Bahrain’s Shura Council has rejected a government request to modify the terms of a BD5bn borrowing cap approved earlier this month, Gulf Daily News has reported. Minister of State for Parliament and Shura Council Affairs Abdulaziz Al Fadhel and Central Bank of Bahrain Governor Rasheed Al Maraj wanted bonds to be reclassified so that they were not included in the borrowing list, but head of the council’s financial and economic affairs committee, Khalid Al Maskati, said that bonds should still be considered as a means of borrowing as they were a form of loan. “The issue is closed and the government has been saying it doesn’t want to exceed BD5bn – but from what we see here they want bonds removed, so they can seek financing beyond the cap,” he said. “We are alerting the government to stop borrowing and if it wants to do so next time, then it should be done through us – legislators,” Al Maskati added.
Wednesday, May 28- 2014 @ 1:08 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.