Bahrain: Richer neighbours provide support

The UAE, Saudi Arabia and Kuwait said on 26 June they were preparing another round of financial support for Bahrain’s beleaguered economy. Just how much will be offered – and with what conditions – remains to be seen, but the promise alone was enough to halt a worrying slide in market confidence in the island kingdom’s finances. The news of a fresh bailout came after several days of pressure on the financial markets. On 25 June, the five-year credit default swaps on Bahrain’s sovereign debt were trading at their highest levels since the 2008/09 financial crisis, amid concerns about the government’s persistent budget deficits, rising costs of debt and foreign exchange reserves of $2.1bn are equal to just six weeks of import cover. 05 July 2018, Issue 1,062. Read more

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