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Bahrain Seizes On Oil Windfall to Rebuild Funds Hit by Pandemic

An oil pumpjack at an oil field in Bahrain.

An oil pumpjack at an oil field in Bahrain.

Photographer: Phil Weymouth/Bloomberg

Bahrain will resume making payments into its rainy day fund, doubling the amount it contributes at oil prices over $80 a barrel, as it looks to rebuild savings tapped to handle the economic impact of the pandemic.

The country, one of the most heavily indebted among the oil producers of the Middle East, will put $2 into the Future Generations Reserve Fund for each barrel of crude sold at over $80, according to a statement. It will set aside $1 when oil is over $40 and pay $3 if it exceeds $120.