Saudi Arabia hands Turkey USD 5 bn to support economy
Turkey is getting help from Riyadh: Saudi Arabia will deposit USD 5 bn in Turkey’s central bank via the Saudi Fund for Development (SFD) to shore up its economy, the fund said in a statement yesterday. The agreement, which was floated by Saudi finance minister Mohamed Jadaan in December, was signed by SFD chairman Ahmed Al Khateeb and Turkish central bank governor Sahap Kavcioglu.
SFD? The SFD is a state-owned agency that provides aid to developing countries.
Another sign of rapprochement: The two countries have been moving in recent months to mend relations that broke down following the murder of Jamal Khashoggi in Istanbul in 2018. Erdogan and Mohamed bin Salman both traveled to each other's countries last year in a bid to normalize ties.
Lebanon turns to dollarization as currency plummets: Lebanese businesses are demanding to be paid in greenbacks to cope with the faltering LBP — which has lost more than 95% of its value since late 2019 — sparking concerns of widening economic equality between those with and without access to hard currency, the Associated Press reports.
Kuwait reappoints PM: Sheikh Ahmad Nawaf Al Sabah has been reappointed Kuwait’s prime minister by Crown Prince Meshal Al Ahmad Al Sabah, state news agency KUNA reported. The PM had resigned in January amid a standoff between Kuwait’s government and parliament that has blocked fiscal reforms, according to Reuters.