April 2, 2019 / 12:01 PM / 8 months ago

Kuwait inks financial aid agreement for Bahrain

DUBAI (Reuters) - Kuwait signed an agreement to support Bahrain’s economy as part of a series of fiscal reforms Bahrain has embarked on last year, Kuwait’s finance ministry said on Tuesday, formalizing a previously agreed package.

Kuwait, along with Saudi Arabia and the United Arab Emirates, pledged $10 billion in financial aid to Bahrain last year to rescue the country from a potential debt crisis.

The ministers of finance of Bahrain and Kuwait, as well as the Kuwait Fund for Arab Economic Development and the Arab Monetary Fund, signed a “multi-party cooperation framework” which “formalizes a previously agreed package for supporting the economic reforms and financial stability in the Kingdom of Bahrain,” according to the statement.

Reporting by Hadeel Al Sayegh, writing by Davide Barbuscia

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