Oil fund proposed to help the needy

MANAMA: Two Bahrain MPs have submitted a proposal to establish a financial support account, funded by oil income, for low-income people.

One US dollar shall be deducted from the price of each barrel of crude oil, exceeding $40, exported as of the beginning of the fiscal year following the entry into force of this law, according to the proposal by Ammar Qambar and Khalid Bu Onq.

The special account shall be called “Financial Support Account for Low-Income People”.

According to the proposal, the ministry in charge of social development shall open the account stipulated in the previous article and allocate the funds stated in the same article. The ministry shall disburse financial support to the Bahraini breadwinners from the account, once at the end of each financial year, based on three categories as follows:

First category: 200 per cent of the amount of monthly financial support due to the head of household whose monthly income is below BD300.

Second category: 150pc of the amount of monthly financial support due to the head of the family who earns a monthly income ranging between BD301 and BD700.

Third category: 100pc of the amount of the monthly financial support due to the head of household whose monthly income ranges between BD701 and BD1,000.

The monthly income limits may be increased by a Cabinet decision provided that the minister concerned issues a decision specifying the entitlement requirements and the decisions necessary to implement the provisions of this law within six months from the date of its enforcement, the MPs said.

Source: https://www.gdnonline.com/Details/1049772/Oil-fund-proposed-to-help-the-needy