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Bahrain, a heavily natural resource-dependent sovereign state in the Persian Gulf comprises of 33 natural island and 51 artificial islands, the high-income economy of which is expected to shrink by 2.5 per cent this year amid a multi-year low oil and natgas price, had been in pursuit of a $1 billion in debts last month in order to pay off its sovereign bonds matured at the end of March, eventually delaying a default on sovereign debts in context of a complete chaos in the commodity market, at least three sources familiar with the subject-matter had unveiled on Sunday, the 19th of April 2020, on condition of anonymity as the sourced directly briefed over the issue were not authorized to speak publicly over the matter.
Aside from that, one of the three sources were also quoted saying on Sunday (April 19th) that the tiny nation beside the Persian Gulf, whose credit rating had already been downgraded amid a dwindling oil demand by all of three major credit rating agencies, had secured more than $1 billion from a consortium of local and international lenders later last month in a bid to pay off $1.25 billion worth of bonds due on March 31st.
Nonetheless, less than one and a half years ago, Bahrain received a $10 billion in fiscal aid from some of its Mideast allies due to a gruesome credit crisis what analysts said could get out of control, as a steep output cut of OPEC+ nations appeared to have failed to revive the crude oil futures’ prices.