Manama, Nov. 28 (BNA): The Bahrain Association of Banks (BAB) said: Standard & Poor’s raising the expectations of the Kingdom of Bahrain from stable to positive contributes to enhancing the Kingdom’s financial reputation, reducing the cost of public debt, and increasing investor confidence in this field. Attractive environment for the national economy.
The union expects the rest of the international credit rating agencies to follow suit in the near future.
Chairman of the Board of Directors of BisB Adnan Yousef said that the financial sector and banks in Bahrain responded positively to the news of improving Bahrain’s credit rating, especially since this improvement will soon be reflected in the rating of the financial and banking institutions themselves.
“With the rise in oil prices, the success of the fiscal balance program, and the resumption of economic growth, especially in the non-oil sectors, all indications unequivocally show that the financial and economic conditions in the Kingdom of Bahrain have begun to improve,” he said.
“The domestic credit and liquidity situation benefits from all of this.”
Adnan added that the increase in Bahrain’s credit rating also highlights the importance of the fundamental economic reforms that the government has been implementing recently.
He pointed out that it has led to fruitful results despite the difficult economic conditions the world is going through, and proves once again Bahrain’s ability to achieve financial and monetary stability through its wise policies.
The CEO of the Bahrain Association of Banks, Dr. Waheed Al Qassim, stressed the importance of the new credit rating in attracting more investments to Bahrain.
“While many countries around the world suffer from deficits in their public budgets, a decline in their economic performance, and a decline in their credit rating, the Kingdom of Bahrain is witnessing an opposite trend, which encourages more investments to come to the Kingdom, which has led to economic prosperity and opportunities for work and comprehensive development.
He added, “We are more than ever committed to promoting Bahrain’s balanced economic policy, which focuses on diversifying the economy and strengthening the private sector, and highlighting the benefits of the Kingdom of Bahrain as a first destination for foreign investments.”
Dr. Al Qassim indicated that the fiscal and monetary policies implemented by Bahrain have improved financial stability in the Kingdom and helped mitigate the negative effects of economic challenges. This classification will reflect positively on banks and financial institutions in Bahrain, enhancing their solvency, liquidity, and ability to support the country’s economic recovery by increasing their activity in the areas of deposits, lending, and entering into financing major projects such as energy, infrastructure, and other projects.