His Majesty King Hamad bin Isa Al Khalifa today issued Decree-Law 23/2020 on managing part of the funds of the Future Generation Reserve Fund (FGRF).

The decree-law stipulates that the deduction from oil revenues earmarked for the account of the FGRF shall be suspended temporarily, until the end of the fiscal year 2020, in accordance with the provision of Article (1) of Law 28/2006.

It also stipulates that an amount of $450,000,000 shall be drawn from the account of the Future Generations Reserve Fund for only once, and allocated to supporting the state general budget until the end of the fiscal year 2020, in order to reduce the urgent financial impacts of the novel coronavirus (COVID) -19).

The drawn amount shall be covered by the end of the urgent financial situation resulting from the spread of COVID-19.

The Minister of Finance and National Economy shall issue the necessary edicts and circulars in order to implement the provisions of this decree-law.

The Prime Minister and ministers- each in their capacity, shall implement the provisions of this decree-law which takes effect after its publication in the Official Gazette.