Bahrain to receive up to $2 billion, first slice of Gulf aid | Reuters

Bahrain to receive up to $2 billion, first slice of Gulf aid | Reuters:

Bahrain will receive up to $2 billion from its Gulf neighbors before the end of the year as the first installment of an aid package, and some funds have already arrived in state coffers, officials said on Thursday.

Last week, Saudi Arabia, the United Arab Emirates and Kuwait offered a $10 billion aid package over five years (2018-2022) to avoid the risk of a debt crisis in the island kingdom, in a deal tied to fiscal reforms.

Bahrain’s finances have been hit hard by a slump in oil prices in 2014 and the small country has been struggling to cut government spending while avoiding public anger over austerity measures.