S&P Global Ratings revised Bahrain's outlook to "stable" from "positive".
In the first quarter of 2023, Bahrain recorded economic growth of 2% © Mena Today
S&P Global Ratings revised Bahrain's outlook to "stable" from "positive", citing spending pressures that could push the country's fiscal deficit wider than the credit ratings agency previously expected.
S&P maintained its "B+/B" ratings on the country and said it expects that the government will implement measures to reduce its budget deficit and benefit from additional support from other Gulf sovereigns if needed.
"We expect the government will reinvigorate reforms to consolidate its fiscal position, largely via increasing non-oil revenue through 2026," it said in a statement.
The agency now projects fiscal deficits of 3% to 4% of Bahrain's GDP over 2023-26, compared with 2% to 3% in its previous review.
Chinese Premier Li Qiang’s visit to Egypt marks a major diplomatic milestone in strengthening China-Egypt ties, said Chinese Ambassador to Egypt Liu Licheng in a statement issued Wednesday.
Saudi Arabia and Indonesia signed several deals and memos of understanding worth around $27 billion between private sector institutions in several fields including clean energy and petrochemicals, the Saudi state news agency SPA reported on Wednesday.
The Egyptian government has successfully completed its second sovereign sukuk issuance, valued at $1 billion, as part of its broader strategy to diversify financing tools and investor bases.
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