Bahrain to get aid from Persian Gulf allies amid economic crisis
Bahrain says Saudi Arabia, the United Arab Emirates (UAE), and Kuwait are set to pump cash into the kingdom to save its struggling economy.
“The kingdom of Bahrain, along with its sisters Saudi Arabia, the United Arab Emirates and Kuwait, will announce a program to support the stability of the financial situation in Bahrain,” Finance Minister Sheikh Ahmed bin Mohammed Al Khalifa told the official Bahrain News Agency on Thursday.
Manama posted a deficit of close to $5 billion last year, and is projecting a shortfall of $3.5bn in 2018, various reports show.
News of the expected financial salvation comes as the country is facing trouble finding new creditors to finance the deficit.
Most recently, the Central Bank of Bahrain weighed in by promising it would keep the dinar from plummeting further against the dollar.
Bahrain’s daily crude output is equal to only a fraction of Saudi Arabia’s. The country also lags far behind the UAE’s economic and technological advancement and Kuwait’s huge cash reserves.
Its economy has been hit by some seven years of grassroot dissent, which has seen the public raging against rampant discrimination and oppression.
The Manama regime has launched a crackdown on the popular uprising, killing scores and jailing hundreds, but is still facing widespread daily protests.
It closely aligns its regional policies with those of Saudi Arabia and the UAE. The countries sent troops to Bahrain to help it muffle dissidents soon after the peaceful rallies began in 2011.
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