Bahrain said on Wednesday that its Gulf neighbours Kuwait, Saudi Arabia and the UAE will offer new aid to strengthen the country's "fiscal stability" amid concerns over its economy.
A statement early on Wednesday carried by the state-run Bahrain News Agency quoted Finance Minister Sheikh Ahmed bin Mohammed Al Khalifa as saying that its three GCC peers are "set to announce a new programme designed to strengthen Bahrain's fiscal stability".
It did not give further details of the financial aid package or when it is expected to be announced.
Meanwhile, a statement carried by the Saudi Press Agency said the countries are committed “to consider all options to support the Kingdom of Bahrain and to finalise an integrated programme".
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Read more:
High oil prices do not eliminate risks to GCC sovereign ratings
S&P affirms Abu Dhabi's ratings and forecasts economic growth for 2018
Saudi non-oil sector regains momentum in May
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The move seemed aimed at calming markets on concerns about Bahrain's economy. Bahrain’s credit risk rose the most in emerging markets this month. The cost of insuring the nation’s debt against default for five years jumped 170 basis points on Monday to 609. The dinar, whose peg to the dollar has been effectively unchanged since 1980, fell on Tuesday in the onshore market to the weakest level since at least 1988, according to a Bloomberg report.
The central bank's foreign exchange assets plummeted to a 2001 low of about US$1.2 billion last year. They have almost doubled since, helped by cash raised through bond sales, but the government has about $2bn (Dh7.35bn) of interest payments on bonds through 2019, according to data compiled by Bloomberg.
Bahrain's central bank said on Tuesday that it's committed to keeping the dinar's peg, spurring a decline in the yield on Bahrain's dollar bonds due in 2022.
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Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
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