Gulf states to announce support measures for Bahrain’s public finances

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LONDON: Saudi Arabia, Kuwait and the UAE are to announce a program to support Bahrain’s financial stability.

A joint statement from the three Gulf states said they were in talks with the Bahraini government to help with economic reforms, Reuters reported.

They said they were in discussions “to confirm their commitment to consider all options to support the kingdom of Bahrain and to finalize an integrated program that will soon be announced to enable the kingdom of Bahrain to support its economic reforms and fiscal stability,” the statement sent to Reuters said.

Bahrain’s finances have been hit hard by a slump in oil prices in 2014. On Tuesday, Bahrain’s dinar plunged to a 17-year low against the US dollar as hedge funds dumped Bahraini bonds because of concern about rising public debt.

Manama has projected a state budget gap of $3.5 billion in 2018.

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