Bahrain, Kuwait sign financial deal

The Kingdom and the State of Kuwait yesterday signed an agreement on financial arrangements at the headquarters of the Kuwait Fund for Arab Economic Development (KFAED).

The deal followed the Financial Support Framework Agreement on the Fiscal Balance Programme, which was signed by the Kingdom, Saudi Arabia, the United Arab Emirates and the State of Kuwait last October.

Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa signed the agreement with Kuwaiti Finance Minister Dr. Nayed Al Hajraf and KFAED director-general Dr. Abdulwahab Al Bader, in addition to Arab Monetary Fund (AMF) as consultant party. The signing of financial arrangements between the two brotherly countries came within strong fraternal ties to consolidate joint co-operation and co-ordination in all fields.

The deal will contribute to bolstering the stability of Bahrain’s public finances so as to continue spurring growth and boosting development, with the aim of maintaining the balance between Government’s revenues and expenditure by 2022, through the Fiscal Balance Programme, which is reflected in the 2019-2022 General State Budget.