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Strategy to Sustain Economic Recovery

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Strategy to Sustain Economic Recovery TWITTER SPORTS @newsofbahrain WORLD 7 Conservatives show fealty to former president INSTAGRAM Dar Kulaib clinch /newsofbahrain 1 volleyball league LINKEDIN MONDAY newsofbahrain MARCH, 2021 bronze medals 210 FILS WHATSAPP ISSUE NO. 8763 Three-set sweep 3844 4692 earns victors third FACEBOOK place for second /nobmedia successive season, at expense of Al MAIL [email protected] Najma | P 12 WEBSITE newsofbahrain.com Demi Lovato says gender reveal parties are transphobic 10 CELEBS BUSINESS 5 UK to provide 5 billion pounds of grants to pandemic hit biz Protect the elderly HM King receives Kuwaiti Amir’s letter TDT | Manama Last update - 9:00 pm 28 February 2021 is Majesty King Hamad Hbin Isa Al Khalifa yester- day received a letter from the Kuwaiti Amir, His Highness Shaikh Nawaf Al Ahmed Al Jaber Al Sabah, pertaining to the distinguished fraternal Bah- Individuals vaccinated raini-Kuwaiti relations. In the letter, the Kuwaiti Amir also expressed, marking the 30th anniversary of Ku - HM the King with Kuwait’s Foreign Minister wait’s Liberation, the Kuwaiti people’s thanks to and pride Majesty the greetings and ap- and prosperity to the brotherly in the historic stance of Bah- preciation of the Kuwaiti Amir, Kuwaiti people. rain and its people, reflecting and his wishes of further pro- HM King Hamad expressed the solid ties between the two gress and prosperity to Bahrain. pride in the deep-rooted sol- brotherly countries. HM the King requested Dr id relations between the two HM the King received the let- Shaikh Ahmed Nasser to con- brotherly countries. ter from Kuwait’s Foreign Min- vey his greetings to Kuwaiti The Kuwaiti Foreign Minis- ister, Dr Shaikh Ahmed Nasser Amir, as well as his wishes of ter expressed thanks and appre- Al Mohammed Al Sabah. abundant health and happiness ciation to HM the King for Bah- The Minister conveyed to His to him, and continued progress rain’s support for his country. Bahrain offers Bloodiest day vaccinations for F1 participants Strategy to sustain TDT | Manama ahrain has offered For- Bmula 1 personnel and team members voluntary COVID-19 vaccinations economic recovery when they travel to the Kingdom later this month for pre-season testing and Bahrain plans to allow higher deduction from oil sales for reserve fund the Bahrain Grand Prix. P6 This is according to lead- ing motor racing website Finance Minister says Autosport, which reported • that all those who classify BAHRAIN bill will be presented as a “race participant” may in parliament in receive the Pfizer vaccine next few months upon arrival in the King- TOTAL TESTED dom. They will receive the TDT | Manama second dose 21 days later. 3092326 F1 is set for a busy sched- ACTIVE CASES ule on the island this month, he Government is plan- with Bahrain Internation- 6856 ning to present a bill in al Circuit ( BIC) hosting DEATHS Tparliament in the next pre-season testing from few months to allow the Future Finance Minister March 12 to 14 and the F1 449 Generations Reserve Fund to Gulf Air Bahrain Grand Prix take higher deductions from “The fund has achieved many 2021 from March 26 to 28. DISCHARGED oil sales. successes, despite the difficult “Due to the timescale of 115089 The deductions will help re- Bahrain is keen on maintaining its stability and growth and volatile economic condi- this year’s Formula 1 event, place money withdrawn from tions by increasing the level of including testing, the vast NEW CASES the fund to support the gener- that the price of one barrel ex- of its deposits in a manner that investment diversification to majority of participants will 617 al budget as part of efforts to ceeds $40. achieves further progress and reduce risks,” the Minister said. be present in Bahrain for a combat the coronavirus (COV- He underscored the impor- prosperity for the benefit of the The International Monetary three-week period ahead CRITICAL ID-19) pandemic and sustain the tance of providing sustained Kingdom and its people. Fund (IMF) said last month that of the race,” reported Au- 66 Kingdom of Bahrain’s economic support to the fund, which con- He added that he maintained Bahrain’s economic recovery tosport, citing a statement recovery. tributed to mitigating the fall- its stability and strengthened from the pandemic will be grad- from BIC. Finance and National Econo- out of the pandemic which had its assets over the past years ual, with growth projected at “This, in turn, allows a 210 fils (includes VAT) my Minister Shaikh Salman bin global repercussions. by adopting a strategy aimed at 3.3% this year after a 5.4% con- unique opportunity to pro- Khalifa Al Khalifa said the move He said that the Government increasing the volume of invest- traction in 2020. vide additional protection would boost the revenues of the is keen on continuing support ments in fixed income securities The Kingdom has been bat- for those who wish to take fund which plays a vital role. to the fund, to boost its assets in a way that reduces the risks tered by the twin shocks of the up the opportunity in the The current law imposes a de- at the global and local levels, imposed by the pandemic on coronavirus crisis and lower oil form of vaccination (Pfiz- duction of a dollar in the event and ensure the sustainability global financial markets. prices. er-BioNTech vaccine).” MONDAY, MARCH 1, 2021 02 HRH the Crown Prince and Prime Minister receives Russian Ambassador Public Prosecution wins appeal in Future Bank case TDT | Manama he Financial Crimes and TMoney Laundering Pros- ecution announced that the High Criminal Court of Appeals ruled yesterday to rectify the appealed verdict concerning the sentences of confiscation, jail and fines in a money laun- dering case. The defendants in the case are Future Bank and five of its officials, as well as several Iranian banks and the Central Bank of Iran. The court accepted the ap- His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, yesterday received peal lodged by the Public Pros- Russian Ambassador Igor Kremnev at Riffa Palace. His Royal Highness noted that growing bilateral ties have created ecution in relation to the confis- new avenues for cooperation, particularly in relation to COVID-19 vaccination and mitigation efforts. The Ambassador cation, and amended the confis- expressed his appreciation for the support His Royal Highness has extended to enhancing bilateral relations. cation amount imposed against the defendants (natural and legal persons) to $21,500,000 of their funds and properties, while upholding the remaining aspects of the appealed verdict. On October 28, the High Criminal Court sentenced Fu- ture Bank officials to five years Boost for human in prison and to BD1 million fine each, and ordered the confisca- tion of $3 million in funds and Following the appeal by the transactions while providing property. Public Prosecution, the court cover to the implicated Iranian The court also fined the legal ruled for the correction of the entities through the deliberate persons BD1 million each and confiscated amounts. concealment and removal of ba- rights system ordered the confiscation of $3 The Public Prosecution had sic information when transfer- million in funds and property. announced earlier that its in- ring funds through the SWIFT However, the public prosecu- vestigations have revealed a network. HM King hailed for ratifying Corrective Justice Law for tion appealed the verdict due plot that enabled several Ira- Investigations are still on- to an error in applying the law nian entities, including those going on the rest of the facts, Children and their Protection from Ill-Treatment regarding setting the amount involved in terrorism funding, which include a number of Ira- of confiscations at $3 million. and/or subject to international nian banks, mainly the Central Evidence documents showed sanctions, to execute interna- Bank of Iran, exploiting Future Arab Parliament that the amount subject of the tional transactions while evad- Bank in executing internation- • crime was $21,500,00, which ing audit. al transactions in violation to Speaker asserts the verdict should rule for its Investigations show that the the Law on Prohibition and legislation will confiscation or the confisca- Future Bank, that operated un- Combating Money Launder- achieve restorative tion of its value in the funds der the Bank Melli Iran and ing and Terrorism Financing, justice for children and properties belonging to the Bank Saderat Iran, facilitat- as well as banking laws and defendants. ed thousands of international regulations. Provides maximum protection• and ensures they are not subject to any form of exploitation Bahrain making great progress in TDT | Cairo economic competitiveness Speaker Al Asoomi TDT | Manama rab Parliament Speaker Adel bin Abdulrahman subject to any form of exploita- tations. Al Asoomi has lauded tion. This reflects Bahrain’s keen- eputy Prime Minister Shai- AHis Majesty King Hamad bin It will also provide all sup- ness to fulfill its internation- Dkh Khalid bin Abdullah Al Isa Al Khalifa’s ratification and port children and ensure their al obligations and ensure that Khalifa has highlighted the im- issuance of Law 4/2021 on the reintegration into society, in the law meets all the require- portance of development plans promulgation of the Corrective accordance with international ments of the international to enhance Bahrain’s local and Justice Law for Children and human rights standards, and human rights law, which has international competitiveness their Protection from Ill-Treat- the international treaties and been widely praised by the in the economic field. The Deputy Prime Minister with the EDB Advisor during a virtual meeting ment, noting that the qualita- agreements ratified by the king- concerned international insti- The status of Bahrain under tive move adds to the kingdom’s dom, he said.
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