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."



Gulf-EU Summit Calls for ‘Immediate Ceasefire’ in Gaza, Lebanon

European Council President Charles Michel, French President Emmanuel Macron and Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud stand as they pose for a family photo during the joint European Union and the Gulf Cooperation Council (GCC) summit, in Brussels, Belgium October 16, 2024. REUTERS/Johanna Geron
European Council President Charles Michel, French President Emmanuel Macron and Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud stand as they pose for a family photo during the joint European Union and the Gulf Cooperation Council (GCC) summit, in Brussels, Belgium October 16, 2024. REUTERS/Johanna Geron
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Gulf-EU Summit Calls for ‘Immediate Ceasefire’ in Gaza, Lebanon

European Council President Charles Michel, French President Emmanuel Macron and Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud stand as they pose for a family photo during the joint European Union and the Gulf Cooperation Council (GCC) summit, in Brussels, Belgium October 16, 2024. REUTERS/Johanna Geron
European Council President Charles Michel, French President Emmanuel Macron and Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud stand as they pose for a family photo during the joint European Union and the Gulf Cooperation Council (GCC) summit, in Brussels, Belgium October 16, 2024. REUTERS/Johanna Geron

The leaders of the European Union and six Gulf nations held an inaugural summit Wednesday, encompassing everything from visas and trade to the situation in the Middle East.

Saudi Crown Prince Mohammed bin Salman was in Brussels for the summit.

A joint statement said the leaders committed to the EU-GCC Strategic Partnership and pledged to elevate it to the next level. “We agree to build our Strategic Partnership, based on mutual respect and trust, for the benefit of the people of our regions and beyond,” it said.

On Gaza, the EU and Gulf leaders called for “an immediate, full and complete ceasefire, the release of hostages, the exchange of the Palestinian prisoners as well as immediate and unimpeded humanitarian access to civilian population, including the safe and effective distribution of humanitarian assistance at scale throughout the Gaza strip to all Palestinian civilians who need it.”

They also reaffirmed their “unwavering commitment to the realization of the right of the Palestinian people to self-determination through the Two-State solution where Israel and Palestine live side by side in peace within secure and recognized borders, along the 1967 lines, consistent with international law and relevant UN resolutions and the 2002 Arab Peace Initiative.”

The leaders expressed deep concern over the Israeli military operations in the West Bank, and called for their immediate end. They also strongly condemned the ongoing extremist settler violence in the West Bank, including East Jerusalem.

On Lebanon, they called for an “immediate ceasefire” and stressed the need to implement Security Council Resolution 1701, which calls on Hezbollah to withdraw to the north of Litani river.

They condemned all attacks against UN missions and expressed particularly “grave concerns” regarding the recent Israeli attacks against peacekeepers in southern Lebanon.

At the summit, Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi said: “Reviving the peace process in the Middle East to fulfil the Palestinian people's aspirations for establishing an independent state with East Jerusalem as its capital, based on the 1967 borders, remains the sole path to achieving security and stability in the region.”

"While we express our deep sorrow and frustration over the atrocities inflicted upon our Palestinian brothers and sisters, we reaffirm the GCC's long-standing position advocating for an immediate and complete cessation of hostilities and the unrestricted entry of humanitarian relief teams” to the Gaza Strip.

“We categorically reject the forced displacement of civilians in Gaza and stress the need to adhere to international law and humanitarian law. This mandates that we take necessary measures to advance collective efforts to halt this war and pressure Israel to permit humanitarian aid to reach the Palestinian people," Albudaiwi said.

He added that the failure to achieve a ceasefire in Gaza has led to escalating tensions in Palestinian territories and a spillover of conflict into Lebanon.

On Iran, the summit’s statement called on the country “to pursue regional de-escalation” and said: "We share a clear determination that Iran must never develop or acquire a nuclear weapon.”

The leaders also demanded that the Iran-backed “Houthis halt attacks against vessels in the Red Sea and Gulf of Aden, release crew and avoid any further escalatory measures that threaten global security and stability.”