Saudi Arabia, UAE, Kuwait, Bahrain, and the Arab Monetary Fund (as a consultative party) announced launching a financial balance program to support the financial stability of Bahrain. The program includes providing $10 billion to achieve a balance between government expenditures and revenues by 2022.
The program will be in the shape of funding and soft loans to fund the financial balance program that aims at accomplishing public finance stability and continuing the motivation of economic growth of Bahrain.
On Thursday, ministers of finance of the three states convened in Bahrain then they signed on the arrangements of the financial cooperation among the governments. The ministers, in addition to Bahraini officials, announced designing a comprehensive program to back the economic reforms and the stability of the public finance in Bahrain.
On June 27, Saudi Arabia, UAE and Kuwait revealed a comprehensive economic program to support the financial stability of Bahrain, which led to the recovery of the Bahraini Dinar.
Sheikh Khalid bin Abdullah Al Khalifa, Deputy Prime Minister and Chairman of the Ministerial Committee for Financial Affairs and Control of Spending, affirmed that Bahrain seeks to accomplish the goals of comprehensive development, which were put by King Hamad bin Isa Al Khalifa.
Bahrain's Minister of Finance Sheikh Ahmed bin Mohammed Al Khalifa said: "With spending reductions commencing in the short term and the target of eliminating the budget deficit by 2022, the programme secures the foundations of an economy that affords even more opportunity, more jobs, and greater living standards for the Kingdom's generations of today and tomorrow."
