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Saudi Arabia, Kuwait and the UAE have pledged a $10bn financial aid package to support Bahrain’s fragile finances and finalized a $2.5bn financial assistance program to Jordan to shore up its ailing economy.
Bahrain’s economy has struggled following protests in 2011 and the mid-2014 collapse in oil prices, and it had to resort to debt to finance its budget deficit projected at $3.5bn in 2018. The three Gulf allies, who had pledged in June to support Bahrain’s economic reforms and fiscal stability, have now come up with their package.
The $10bn package will be disbursed over five years and supplements a package from the broader GCC (including Qatar) for $10bn over 10 years from 2011 that was intended to shore up the government ( MEES, 14 March 2011 ). (CONTINUED - 386 WORDS)