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It reiterated its sincere appreciation of the efforts of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal High- His Majesty King Hamad bin Isa Al Khalifa along with HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, Royal Family members and senior BDF ness the Crown Prince, officials paid tribute to the brave martyrs who fell in the line of duty since the establishment of Bahrain, yesterday. “The martyrs sacrificed their lives for the sake of the homeland and fell in the line of Deputy Prime Minister and duty as they were serving the nation,” His Majesty said, saluting the national heroes who embody the value of courage and sacrifice, becoming a source of pride for Bahrain and role model for the coming Minister of Defence, Prince generations. See Page 2 Mohammed bin Salman bin Abdulaziz Al Saud, in main- taining peace and security and enhancing development in various countries of the world, hailing the Kingdom of Saudi Arabia’s historic role at all Arab, Islamic and International levels under its wise leadership. It stressed the political On an upswing and economic importance of the Kingdom of Sau - di Arabia, which made it Moody’s changes outlook on Bahrain’s rating to stable, affirms B2 rating an important pillar in the achievement of comprehen- idly depleted. sive regional and interna- Bahrain’s B2 rating Importantly, Moody’s esti- tional stability as well as the • mates that Bahrain will be able to main supporter of efforts remains supported draw on additional extraordinary that aim at combatting all by the country’s support from the GCC neighbours forms of terrorism and its relatively diversified to support the stability of its ex- supporters. and dynamic economy. change rate peg during the course It commended the re - of the FBP implementation. sponsible stances and ini- Moody’s also expects that the tiatives of the President of Over the longer presence of the GCC backstop will the United States, Donald J term,• Bahrain’s allow the government and gov- Trump that combat terror- economic strength will ernment- related entities to re- ism and preserve peace and benefit from the new gain access to international cap- stability in the region. ital markets, which had become It also highlighted Presi- hydrocarbon discovery compromised during much of dent Trump’s commitment announced in April 2018, 2018, further supporting liquidity. to work collectively with the rating agency said. The fiscal reforms announced allies, which reflects the by the government as part of the strength of relations and Singapore Bahrain Government debt to GDP ratio. FBP would represent very signif- mutual keenness to rein- icant fiscal consolidation. force strategic alliance in eign-currency bond and bank The FBP targets a reduction in order to overcome all chal- oody’s Investors Ser- deposit ceilings for Bahrain - Off government spending relative to lenges. vice yesterday changed Shore Banking Centre remain un- GDP to 19.5pc in four years from Mthe outlook to stable The fiscal reforms changed at Baa2, while the short- an estimated 26.6pc in 2018, with from negative on the Government announced by the term foreign-currency bond and 49,006 an increase in revenue to 19.3pc of Bahrain’s issuer ratings and government as part of bank deposit ceilings remain un- US dollars is the per capita from 17.5pc, which would restore affirmed the ratings at B2. the FBP would represent changed at Prime-2. GDP of the Kingdom budget balance by 2022. The key driver of the outlook very significant fiscal Two months ago, Bahrain an- calculated on a Purchase The measures include spend- change to stable is Moody’s as- consolidation. nounced a $10 billion (26 per cent Power Parity basis. ing cuts from a voluntary retire- sessment that Bahrain’s govern- of 2018 estimated GDP) financial ment scheme for eligible civil MOODY’S DON’T MISS IT ment and external liquidity risks support agreement signed with servants, more targeted social have materially reduced, the rat- Saudi Arabia (A1 stable), UAE transfers and increases in water ing agency said. unchanged at Ba3. Its long-term (Aa2 stable) and Kuwait (Aa2 and electricity tariffs, and sav- Financial support and the fiscal foreign-currency bank deposit stable), Moody’s said. (approximately $9.4 billion, in- ings from better spending effi- consolidation measures including ceiling is unchanged at B3. Moody’s anticipates that funds cluding the $750 million sukuk ciency and rationalisation; on A net-savvy the Fiscal Balance Programme The short-term foreign-cur- from the financial support pack- that was repaid in late November the revenue side, the FBP plans 03 populace (FBP) will support investors’ con- rency bond and bank deposits age will be disbursed during 2018). the introduction of a 5pc value fidence and help to reduce the ceiling remain unchanged at Not 2018-22 in the form of long-term The disbursements will direct- added tax, a review of existing government’s financing needs, it Prime, while the long-term local concessionary loans, more than ly support Bahrain’s government government fees and services and Focus on pointed out. currency country risk ceilings are covering the scheduled exter- liquidity position and reduce the the repricing of tariffs charged to enhancing Bahrain’s long-term for- unchanged at Ba2. nal debt payments (principal risk that the central bank foreign domestic industrial consumers of 04 arts scene by eign-currency bond ceiling is In addition, the long-term for- and interest) of the government exchange reserves could be rap- natural gas. exploring latest technologies TOUGH CHOICE Project for digitising customer data May sets January date for MPs’ Brexit vote 05 verification to London Announcing a new date, she said the EU before having their say on Mrs May’s deal. be implemented had made it clear the Irish backstop was He added the PM had “led the country Ps will vote on the UK’s Brexit “not a plot to trap the UK”, and urged MPs into a national crisis”. soon deal in the week beginning 14 to see Brexit through. Mr Corbyn’s motion - due to be tabled MJanuary, Theresa May has told But Labour leader Jeremy Corbyn said on Tuesday - calls on MPs to declare they Parliament. he would table a motion of no confidence have “no confidence in the prime minis- The vote was due to be held last week in the PM for delaying the vote. ter due to her failure to allow the House but was put on hold after Mrs May admit- He told the Commons it was unaccept- of Commons to have a meaningful vote ted she was set to lose. able that MPs had to wait another month May speaks in British House of Commons. straight away” on the Brexit deal. TUESDAY, DECEMBER 18, 2018 02 Tribute paid to martyrs of duty His Majesty pays homage to fallen servicemen who sacrificed their lives in defence of nation Manama said His Majesty King Hamad patronised a ceremony marking er-in-Chief Field Marshal bin Isa Al Khalifa. the Commemoration Day. Shaikh Khalifa bin Ahmed tribute was paid to the He saluted the national he- His Royal Highness Prince Al Khalifa, National Guard the brave martyrs who roes who embody the value of Salman bin Hamad Al Khalifa, Commander Lieuten- The martyrs sacrificed A fell in the line of duty courage and sacrifice, becoming Crown Prince, Deputy Supreme ant-General Shaikh Mo- their lives for the sake since the establishment of Bah- a source of pride for Bahrain Commander and First Deputy hammed bin Isa Al Khalifa of the homeland and rain, yesterday. and role model for the coming Premier attended the commem- and Interior Minister Lt “The martyrs sacrificed their generations. orative event at the Al Sakhir Gen Shaikh Rashid bin Ab- fell in the line of duty as lives for the sake of the home- HM King Hamad, the Su - Palace. dulla Al Khalifa. they were serving the land and fell in the line of duty preme Commander, paid hom- HM the King was received “The 17th of December nation. as they were serving the nation,” age to the martyrs of duty as he on arrival by BDF Command- His Majesty will always remain an hon- HIS MAJESTY ourable occasion in our na- tional march, symoblising pride in those Bahrainis National Action Charter Mon- who fell in the line of duty, ument where he shook hands at home and abroad, for with senior officers marking the the sake of right and jus- Commemoration Day. tice,” he said. The senior officers expressed He paid homage to the deepest congratulations to HM martyrs of duty who sacri- the King, the Supreme Com - ficed their lives to defend mander, on the occasion of the national security and sov- Kingdom’s National Day cele- FEEL MERRY ereignty, combat terrorism brations on 16 and 17 of Decem- and extend a helping hand ber, marking the anniversary of THIS CHRISTMAS to those in dire need in a the establishment of the modern dedicated move stemming state of Bahrain as an Arab and It’s time to spread Christmas cheer.