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3 Gulf Arab states pledge $2.5B to Jordan after protests

AP  |  Riyadh 

Three states pledged $2.5 billion in aid to today in an effort to stabilize the U.S.-allied kingdom as it faces its worst protests in years over government plans that include increases.

The money from Kuwait, and the will go toward a deposit in Jordan's Central Bank, cover guarantees for the kingdom, offer budget support and

The hope is the five-year aid package, which mirrors a similar aid package offered by Gulf states in 2011, will help come up with a new, more-palatable plan to satisfy international lenders and its public.

The money came after an early morning meeting in attended by Jordan's Abdullah II, Saudi Salman, Kuwait's ruling Sheikh and Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, the UAE's vice president and

Also on hand was Saudi Arabia's assertive 32-year-old Mohammed bin Salman, though he sat off to the side of a circular table that hosted the leaders.

The statement quoted as saying he hoped the aid would help his country overcome its fiscal crisis.

In December 2011, the six-nation that is headquartered in pledged to give $2.5 billion in aid each to and Morocco, both of which had been invited to join the regional group that year.

The pledge from the GCC was to last five years. It expired last year and so far the six-member GCC has yet to offer any additional funding as the bloc remains split by a diplomatic crisis with Jordan receives over $1 billion a year from the US, as well as aid from and elsewhere.

Jordan's protests have led to the firing of its While peaceful, the protests threaten the stability of a kingdom strained by hosting those who fled the wars in and Jordan also is one of only two Arab nations to have full diplomatic relations with and plays an instrumental role in the region and in Israeli-Palestinian peace efforts.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 11 2018. 11:45 IST
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