Gulf countries to offer USD2.5bln to Jordan after Mecca's meeting

2018-06-11 05:46:50

(MENAFN) Saudi Arabia and its Gulf allies pledged USD2.5 billion in support of Jordan's monarchy after mass protests over economic grievances roiled the country, sparking fears of another Arab Spring.

A statement issued from Saudi Arabia said that the economic package would go toward a deposit in Jordan's Central Bank, cover World Bank guarantees for the kingdom, offer budget support for five years and finance other development projects.

The announcement came after Saudi King Salman called a meeting in Mecca for Sunday bringing together Jordan's King Abdullah II, Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Sabah and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.

It's worth noting that Jordan has been hit by mass protests in recent days over price hikes and a tax proposal designed to bring down the country's debt level after securing a USD723 million loan from the International Monetary Fund in 2016.

Jordan receives over USD1bn a year from the US, as well as aid from Europe and elsewhere.

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