Kuwait signs financial aid agreement for Bahrain

Kuwait signed an agreement to support Bahrain’s economy as part of a series of fiscal reforms Bahrain has embarked on last year, Kuwait’s finance ministry said on Tuesday, formalising a previously agreed package.

Kuwait, along with Saudi Arabia and the United Arab Emirates, pledged $10bn in financial aid to Bahrain last year to rescue the country from a potential debt crisis.

The ministers of finance of Bahrain and Kuwait, as well as the Kuwait Fund for Arab Economic Development and the Arab Monetary Fund, signed a “multi-party cooperation framework” which “formalises a previously agreed package for supporting the economic reforms and financial stability in the Kingdom of Bahrain,” according to the statement.