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Tuesday, 12 June 2018

Jordan gets USD 2.5 bn aid package from GCC allies after austerity protests

Saudi Arabia, Kuwait, and the UAE have pledged USD 2.5 bn in aid to Jordan after protests against proposed tax increases and austerity measures culminated in the resignation of Prime Minister Hani Mulki, according to a joint statement released by the Saudi Press Agency. The aid package will include a deposit in the Central Bank of Jordan, guarantees on World Bank loans, annual support for the government’s budget for five years, and funding for development projects. Stratfor MENA analyst Ryan Bol noted in an interview with Bloomberg that Saudi Arabia and the UAE had “stopped economic aid to Jordan nearly 17 months ago because of Jordan’s refusal to fall in line behind Saudi Arabia’s regional policies.” The story is also getting prominent play in the Wall Street Journal.

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