Bahrain and Kuwait sign financial agreement

Kuwait, Apr.2 (BNA): The Kingdom of Bahrain and the State of Kuwait have today 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 of Bahrain, the Kingdom of Saudi Arabia, the United Arab Emirates and the State of Kuwait last October. Finance and National Economy Minister Shaikh Salman bin Khalifa Al-Khalifa singed 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 cooperation and coordination 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. Bahrain signed two financial cooperation agreements with the Kingdom of Saudi Arabia and the United Arab Emirates in October 2018.