Bahrain, a rare Middle East oil exporter that needs crude at over $100 to balance its budget, will soon be part of another short list: the triple-digit debt club.
The smallest oil producer in the Gulf will join Lebanon, Libya and Sudan in 2019 as the only countries in the Middle East and North Africa with debt that exceeds 100 percent of gross domestic product, according to the latest IMF economic outlook.
Bahrain has been borrowing regularly from the international debt market, but had to shelve an issue in March as investors sought higher yields.
Last year, it was said to ask Gulf allies for financial assistance as it sought to replenish its foreign-exchange reserves and avert a currency devaluation.
The kingdom said in April it discovered a giant, offshore shale oil basin, which will be difficult and costly to recover.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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