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Wed 3 Apr 2019 09:10 AM

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Kuwait pens agreement to support Bahrain's fiscal reforms

The agreement formalises Kuwait's part in a $10 billion financial aid package announced by Kuwait, the UAE and Saudi Arabia last year

Kuwait pens agreement to support Bahrain's fiscal reforms
Minister of Finance Dr. Nayef Al-Hajraf with Members of Bahrain's Ministry of Finance, (KFAED), and the Arab Monetary Fund

Kuwait’s government has signed an agreement to support ongoing fiscal reforms in Bahrain, the Ministry of Finance announced on Tuesday.

Last year, Kuwait – along with the UAE and Saudi Arabia – announced a $10 billion financial aid package to Bahrain to prevent the country from falling into a debt crisis.

A report in the state-run Kuwait News Agency (KUNA) said the Bahraini and Kuwaiti finance minister, in addition to the Arab Monetary Fund and the Kuwait Fund for Arab Economic Development, signed a “multi-party cooperation framework”.

The framework, KUNA added, “formalises a previously agreed package for supporting the economic reforms and financial stability of the Kingdom of Bahrain.”