Kuwait, Saudi Arabia and the UAE reiterate their support for Bahrain’s plans to balance its budget.
Event Location
Kuwait, Kuwait
Start Time
28 October 2021, 12:00 AM
End Time
30 November 2021, 12:00 AM
Saudi Arabia, the UAE and Kuwait reiterated their support for Bahrain’s plans to balance its budget.
The three Gulf allies extended a $10 billion aid package to Bahrain in 2018 to help it avoid a credit crunch.
This move is expected to help their neighbour in the debt capital markets despite delays in plans to fix its heavily indebted finances.
Last month, Bahrain said that due to the coronavirus crisis last year, it had postponed the target year for a balanced budget to 2024, and announced plans to hike a value-added tax to boost state coffers.
The fiscal balance programme - a set of reforms aimed at balancing the budget - was linked to the pledged $10 billion.
The finance ministers of Saudi Arabia, the UAE and Kuwait met Bahrain’s finance minister on Tuesday to discuss Bahrain’s progress in improving its finances.
The three countries said in a joint statement: “The ministers welcomed the efforts made by the government of Bahrain in implementing the Fiscal Balance Programme, and the progress made by the government despite the challenges posed by the Covid-19 pandemic."
Kuwait support Bahrain budget
