Economics
Bahrain Asks Gulf Allies for Aid to Stave Off Crisis
- Saudi Arabia, U.A.E., Kuwait asked for fiscal reforms: people
- Bahrain warned of devaluation risk in a 2017 bond prospectus
Bahrain Seeks to Avert Financial Crisis
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Bahrain has asked Gulf allies for financial assistance as it seeks to replenish its foreign-exchange reserves and avert a currency devaluation that could reverberate across the region, according to people with knowledge of the talks.
Saudi Arabia and the United Arab Emirates were approached, two of the people said. A third person said Kuwait was also asked. The countries responded by requesting the island kingdom do more to bring its finances under control in return for the money, the people said on condition of anonymity because the discussions were private. The talks are at an early stage, one person said.