Bahrain to receive second economic package from the GCC - The National

Bahrain to receive second economic package from the GCC - The National:

Bahrain, the GCC's smallest economy, is set to receive support from Saudi Arabia, the UAE and Kuwait to ensure fiscal stability of its financial institutions as the Arabian Gulf state pressured by high external borrowings struggles to recover from a three-year slump in oil prices. A new programme "designed to strengthen Bahrain's fiscal stability", will be announced by the three states, finance minister Sheikh Ahmed bin Mohammed Al Khalifa said in a statement carried by the state-run Bahrain News Agency on Wednesday. It did not give further details of the financial aid package or when it was expected to be announced. Meanwhile, a joint statement on the Saudi Press Agency by the trio said they were “in discussions with the authorities in the kingdom of Bahrain to enhance the stability of the financial situation”. They will “consider all options to support Bahrain and to finalise an integrated programme ... to support its economic reforms and fiscal stability,” the statement said.