UAE, Saudi Arabia, Kuwait support Bahrain's plans to balance its budget

2021-10-21 03:30:15

(MENAFN) Saudi Arabia, Kuwait and the United Arab Emirates showed their support for Bahrain's strategies to equilibrium its budget, a predictable reaction to support their neighbor in the debt capital markets regardless of postponements to fix its severely indebted finances.

The three Gulf allies increased a USD10 billion aid package to Bahrain in 2018 to avoid a credit crisis.

Attributable to the pandemic in 2020, Bahrain suspended the target year for a balanced budget to 2024, and proclaimed plans to increase a value-added tax to raise state coffers.

The fiscal balance program - a set of reforms planned at balancing the budget - was connected to the guaranteed USD10 billion.

MENAFN21102021000045011369ID1103012242

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.