Bahrain's default risk has risen to its highest since the height of political unrest six months ago, against a backdrop of concerns that tensions may reignite ahead of a forthcoming election next week.
The cost of insuring the country's debt against default rose to 328 yesterday, according to five year credit default swaps from data provider CMA, as cited by Bloomberg News.
The island kingdom was rocked by protests in February and March, during which more than 30 people died and which left the economy reeling. Since then the country's fiscal position has become increasingly perilous as foreign reserves have dwindled and banking and tourism activity declined.
The cost of insuring the country's debt had been falling after reaching a peak of 359 on March 15 at the height of the unrest.
Parliamentary elections are due to take place on Sunday. The same day opposition supporters are vowing to hold a mass demonstration in Manama.
Standard Chartered wrote in a report this week it saw "little value" in Bahraini bonds.
"Bahraini issuers, both sovereign and corporate, will find it difficult to tap international markets in the current environment," Philippe Dauba-Pantanacce and Victor Lohle, wrote in the report.
tarnold@thenational.ae
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani