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Bahrain to receive $2.3bn from Gulf neighbours

King of Bahrain Hamad bin Isa bin Salman Al Khalifa (L) meets with King of Saudi Arabia Salman bin Abdulaziz Al Saud (R) as part of the 39th Gulf Cooperation Council (GCC) Summit at the Riyadh Air Base in Riyadh, Saudi Arabia on 9 December 2018. [Bandar Algaloud / Saudi Kingdom Council / Handout - Anadolu Agency]
King of Bahrain Hamad bin Isa bin Salman Al Khalifa (L) meets with King of Saudi Arabia Salman bin Abdulaziz Al Saud (R) as part of the 39th Gulf Cooperation Council (GCC) Summit at the Riyadh Air Base in Riyadh, Saudi Arabia on 9 December 2018. [Bandar Algaloud / Saudi Kingdom Council / Handout - Anadolu Agency]

The Bahraini Ministry of Finance announced that it will receive $2.3 billion as part of a Gulf aid package announced in October 2018.

In October, Bahrain received pledges from Saudi Arabia, the United Arab Emirates and Kuwait to provide a $10 billion financial support package to the kingdom over five years to help support the economy and reduce the budget deficit.

The Bahraini Ministry of Finance said in a statement yesterday that it had received $2.292 billion in 2018 and will receive the second payment worth $2.276 billion this year.

The ministry explained that it will receive the remaining payments, according to an agreed timetable as follows $1.76 billion in 2020 and $1.846 billion in 2021. The kingdom will also receive $1.421 billion in 2022 and $650 million in 2023.

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