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

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.