Saudi Arabia, Emirates and Kuwait to Weigh $10bn Aid Package for Bahrain: Bloomberg
2018-09-29 - 3:59 p
Bahrain Mirror: Bahrain's Gulf Arab allies are weighing plans for a five-year aid package to steady its finances and protect a currency peg seen as vital to regional economic stability, Bloomberg reported according to people with knowledge of the matter.
Sources said on Thursday (September 27, 2018) that the assistance would help Bahrain meet its financing needs over the period while it carries out fiscal reforms.
They added that the amount under negotiation is $10 billion, though a final agreement has yet to be reached.
The deal is taking shape after months of negotiations over the measures Bahrain would take to receive support from Saudi Arabia, the United Arab Emirates and Kuwait. The package may include deposits and low-interest loans.
A report issued last week showed that Bahrain's foreign assets fell in July to the lowest level in five years, as it had suffered fallout from falling oil prices more than any of the Gulf States.
Manama's assets, including gold, fell to 5.92 billion riyals ($15.4 billion), which represents a decline of 18.2% compared to the previous year, and a 3.5 % drop compared to its level in June.
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