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Kuwait, Saudi Arabia, UAE Pledge $10 Billion to Bahrain

Bahrain's Financial Harbor, left, and World Trade Center in Manama. (Reuters)
Bahrain's Financial Harbor, left, and World Trade Center in Manama. (Reuters)
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Kuwait, Saudi Arabia, UAE Pledge $10 Billion to Bahrain

Bahrain's Financial Harbor, left, and World Trade Center in Manama. (Reuters)
Bahrain's Financial Harbor, left, and World Trade Center in Manama. (Reuters)

Saudi Arabia, the United Arab Emirates, Kuwait and the Arab Monetary Fund (as a consultative party) announced the launch of 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 provide 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 concerned states convened in Bahrain where they signed on the arrangements of the financial cooperation between their governments.

On June 27, Saudi Arabia, UAE and Kuwait revealed a comprehensive economic program to support the financial stability of Bahrain.

Sheikh Khalid bin Abdullah Al Khalifa, Deputy Prime Minister and Chairman of the Ministerial Committee for Financial Affairs and Control of Spending, stressed 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 program 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."

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Saudi Arabia Calls for ‘Reliable’ Path to the Establishment of Independent Palestinian State

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah addresses the second meeting of the G20 Foreign Ministers in New York. SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah addresses the second meeting of the G20 Foreign Ministers in New York. SPA
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Saudi Arabia Calls for ‘Reliable’ Path to the Establishment of Independent Palestinian State

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah addresses the second meeting of the G20 Foreign Ministers in New York. SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah addresses the second meeting of the G20 Foreign Ministers in New York. SPA

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah participated on Wednesday in the second meeting of the G20 Foreign Ministers, chaired by Brazil, urging them to enable the achievement of a ceasefire in the Gaza Strip and the adoption of a “reliable” path to the establishment of an independent Palestinian state.

The meeting was held on the sidelines of the 79th session of the United Nations General Assembly in New York.

"The fact that our meeting is being held on the sidelines of the United Nations General Assembly is an indication of the importance of the G20 and its leadership in ensuring the health of the global economy, enhancing multilateral cooperation, and finding innovative solutions to common challenges,” the Foreign Minister said in his speech.

He underscored the urgent need to adhere to successful models of collective action and the importance of seeking to develop and reform international institutions.

"The repercussions of wars and political conflicts undermine efforts to establish international peace and security and cast their shadows on all aspects of multilateral action, and when these institutions fail to carry out their fundamental duties towards these crises, this creates a gap in international action and a crisis of confidence that undermines their legitimacy. This is what we are witnessing today in the way some international institutions deal with the humanitarian catastrophe in Palestine."

The Minister stressed that prolonging the war and expanding its scope deepens the suffering of the Palestinian people, threatens international peace and security, and undermines the chances of achieving comprehensive peace in the region.

"The G20 countries must intensify their joint efforts to overcome the international failure to confront Israel's serious violations of international laws and norms and enable the achievement of a ceasefire and the adoption of a reliable and irreversible path to the establishment of an independent Palestinian state,” he added.

Regarding reforming the United Nations system, especially the Security Council, he stressed that there is an urgent need for radical reform to compensate for the defects in addressing crises, responding to the needs of people, and keeping pace with international transformations and development requirements.

"The Kingdom affirms that the goal of reforming the Security Council is to enhance its credibility and effective response, believing in the importance of this in confronting contemporary crises and challenges, thus contributing to creating a more just, secure and stable world."