Certified Forensic Loan Auditors, LLC

 
  Upcoming Classes

Search CFLA's Article Archive:

Debt Alert

gulf-daily-news.com | November 29, 2013

MANAMA: Bahrain must drastically curb and reduce public debt - or face a potential crisis. This warning has come in the audit report, which fears an international ratings downgrade if swift action is not taken.

The National Audit Office Report showed the overall public debt stood at BD3.8 billion last year, compared with BD3.1bn in 2011.

The loan ceiling rose by 42 per cent last year to reach BD5bn, up from BD3.5bn in 2011.

The report urged the Finance Ministry to rethink its borrowing policies to avert facing insolvency and stressed the need to find other funding alternatives for Bahrain to be able to continue repaying its loans and avert further interests on debt.

According to updated figures released in the report, increased annual loan ceiling caused public debt inflation to rise by 187pc last year, compared with the 2009 benchmarks.

The report warned that international financial agencies could downgrade Bahrain's rating, which would mean higher interest rates on development loans granted to Bahrain. It warned that Bahrain could find it difficult to honour its future obligations and sustain further accumulated interests on the loans in case it fails to contain public debt and tame debt inflation.

According to the report, the loan interest soared to BD150 million last year - including BD92m as external interest, while interests on local loans topped BD58m.

The Finance Ministry said it tried hard to keep the ratio of public debt compared with Gross Domestic Product (GDP) below international and GCC levels. It stressed the importance of economic stability and sustainable financial policies - being the cornerstone to successfully manage public debt and keep them under control.

Meanwhile, the National Audit Office Report said Gulf Air's unpaid fuel debts to Bapco soared to $316m as of November 2013. The now-liquidated Bahrain Air has yet to pay fuel debts worth $29m.

The report urged the Finance Ministry to co-ordinate with Bapco and take legal measures to ensure the debts are paid.

The ministry records show that Bapco had urged the liquidator of Bahrain Air to ensure the payment of overall debts of $30.5m.

However, the ministry's reply did not refer to Gulf Air's accumulated debts to Bapco.

 

Back to November 2013 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

SEE BELOW- http://www.certifiedforensicloanauditors.com

Call us toll free at 888-758-2352

Bookmark and Share
spacer
Facebook Like us on Facebook
Twitter Follow us on Twitter
YouTube View our YouTube Videos
LinkedIn Connect to us on Linkedin
 
BBB Logo

 

spacer
Contact us or view our Sample Documents & Audits by completing the form below.

  • Reload
  • Should be Empty:




 

DVD Sets Only $99

 

FREE Mortgage Fraud Analysis

 

Order Cutting-Edge Services Now

 

Quiet Title Packages from Licensed Attorneys

 

Affiliate Services

 

CFLA Sponsored Attorney Links

 

Take-Home Education Package

 

ALB Law Firm

 

Advocate Legal

 

The True News Network

 

Rubenstein Business Law

 

Atighechi Law Group

 

Scunziano & Associates

 

Get Certified to Perform Mortgage Securitization Audits

 

CFLA Training Academy

 

Expert Witness Services

 

Cutting Edge Expert Securitization Reports

 

CFLA Credit Cards

 

Breaking News

 

Letters to the Editor

 

CFLA Weekly Newsletters

 

Code of Ethics

 

Testimonials

 

Instructional Videos

 

Job Opportunities

 

License Opportunities

 

MARS Rule

 

Product Samples

 

Resource Links

 

Servicer Information

 

Foreclosure Laws

 

REST Report

 

Quiet Title Packages from Licensed Attorneys

 

Advertise on CFLA

 

Advertising Space: Mortgage Securitization, Quiet Title

 

Certified Forensic Loan Auditors, LLC
13101 West Washington Blvd.
Suite 444
Los Angeles, CA 90066

Toll Free: 888-758-CFLA (2352)
Mobile Users: CLICK TO CALL
info@certifiedforensicloanauditors.com

   
 
CFLA IS NOT A LAW FIRM AND DOES NOT PROVIDE ANY LEGAL ADVICE. CFLA DOES NOT OFFER FORECLOSURE CONSULTING OR FORECLOSURE RELIEF
SERVICES. CFLA DOES NOT OFFER OR ASSIST WITH ANY LOAN MODIFICATION SERVICE. CFLA ALWAYS RECOMMENDS THAT CLIENTS RETAIN COMPETENT COUNSEL IN THEIR RESPECTIVE JURISDICTION. CFLA HAS A FREE PROGRAM TO REFER CFLA CLIENTS TO LAW FIRMS IN NEARLY EVERY STATE AND CFLA
DOES NOT CHARGE OR OBTAIN REFERRALS FEES FOR THESE SERVICES. SERVICES NOT OFFERED TO RESIDENTS OF THE STATE OF NEVADA.

 
Home About Us Privacy Policy Terms of Service Disclaimer SERVICES Careers Contact Us
 
COPYRIGHT © 2007-2016 Certified Forensic Loan Auditors ™ All rights reserved