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UAE, Saudi and Kuwait affirm support to Bahrain through fiscal programme

UAE, Saudi and Kuwait affirm support to Bahrain through fiscal programme

Bahrain has projected a state budget gap of $3.5bn in 2018

Bahrain, Manama, Cityscape view of Bahrain World Trade Center and Bahrain Financial Harbor

Gulf finance ministers said on Wednesday they would support Bahrain’s financing needs after reviewing its proposed fiscal balance programme at a meeting in Manama.

“The ministers reaffirmed their countries’ commitment to supporting the financing needs of a fiscal balance programme with targeted indicators,” they said in a statement.

The ministers were from Saudi Arabia, the United Arab Emirates, Kuwait and Bahrain.

The Gulf Cooperation Council members have been discussing aid to Manama for more than a year, as foreign investors dumped Bahrain’s bonds, bankers and other Gulf sources have told Reuters.

Also read: GCC support for Bahrain could be pushed back to 2019 – BofAML

In late June, the three countries said in a statement they were considering “all options” to support Bahrain and finalise an integrated aid programme, which they said would soon be announced.

Manama has projected a state budget gap of $3.5bn in 2018.

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