Building of the Ministry of Finance and Economy of Brunei Darussalam. (The Scoop)
In February, Brunei Darussalam’s Ministry of Finance and Economy has introduced a new inititative which will provide a one-time financial grant of BND240 (US$189) for each eligible newborn starting on March 1.
Eligible newborns include those that are Brunei citizen by birth, permanent resident who does not hold any other nationality and is born in Brunei, or foreign citizen with a Brunei citizen as a mother.
The grant can be used freely, but a minimum balance of BND20 (US$15.71) must be maintained to keep the account active. Upon turning 18 years old, the account will automatically be converted into a personal savings account under the child’s name.
Notably, the policy came into force as Brunei continues to suffer from declining fertility rate. It went down to 1.75 in 2022 from 1.80 in 2019.
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