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K.S.A, Kuwait and UAE approve $2.5bn aid Package for Jordan at an Emergency Gulf Summit.

6/11/2018 12:00:00 AM   |      |   

K.S.A, Kuwait and UAE approve $2.5bn aid Package for Jordan at an Emergency Gulf Summit.

Saudi Arabia, Kuwait and the United Arab Emirates agreed on Monday to provide an economic aid package worth $2.5 billion for Jordan, which is facing an economic crisis following anti-austerity protests.

The package, announced at a summit of the four nations in the holy city of Makkah, will include a deposit in the Jordanian central bank, World Bank guarantees, budgetary support over five years and financing for development projects, said a summit communiqué carried by the Saudi Press Agency.

The summit, called by Saudi King Salman, was attended by Jordan’s King Abdullah II along with UAE's Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum and Kuwaiti Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.

King Salman called the meeting to garner support for ally Jordan, which had been rocked by mass protests against rise prices and a proposed tax hike in recent days.

The statement noted that funding for Jordan's economic crisis comes from contributory funds for development projects in the Kingdom.

Following the meeting, King Abdullah II offered his gratitude to King Salman, Kuwait and the UAE for their support. Jordan is struggling to curb its debt after securing a $723 million loan from the International Monetary Fund (IMF) in 2016.

Austerity measures tied to the loan have seen prices of basic necessities rise across the Kingdom of Jordan — culminating in a week of angry protests over tax proposals that forced prime minister Hani Mulki to resign.

Saudi Arabia and the United States are two of the major donors providing vital economic assistance to Jordan.

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