Saudi Arabia, the United Arab Emirates and Kuwait will soon announce an integrated program to support Bahrain’s economic reforms and its fiscal stability, according to a statement published by state-owned Saudi Press Agency on Tuesday.
The three Gulf nations are in discussions with Bahraini authorities to help stabilize its financial situation and to consider all options to support Bahrain, the statement added.
Bahrain's finance minister Shaikh Ahmed bin Mohammed Al Khalifa expressed his thanks for the support of the three neighboring countries. He added that it proves their fraternal ties, constructive cooperation, and common destiny.
Bahrain’s finances have been hit hard since the oil price slump in 2014. Its currency plunged to a 17-year low against the US dollar on Tuesday following concerns over rising public debt.
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