Mubasher: The Gulf allies of Bahrain are expected to sign on Thursday a $10 billion aid package to steady the nation’s finances, a Gulf official has said, according to Bloomberg.
The assistance to Bahrain will last over five years and is projected to include loans, deposits, and grants, the official, who preferred to be anonymous said, Bloomberg added.
The aid is forecast to enhance a Bahraini fiscal reform plan that is expected to involve spending cuts and measures to raise non-oil revenue, including the introduction of a value-added tax (VAT), Bloomberg noted.
Bloomberg said that Kuwait’s finance ministry declined to comment on this news, while officials in Saudi Arabia, Bahrain, and the United Arab Emirates didn’t immediately respond to requests for comment.
The economy of Bahrain is considered the smallest among the GCC countries, and has been hit hard by lower crude prices since 2014.
