Reuters: US Dollar Report: Gulf $20 bln aid fund not yet capitalised-Bahrain

Reuters: US Dollar Report Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Gulf $20 bln aid fund not yet capitalised-Bahrain Jun 20th 2012, 09:21 DUBAI, June 20 | Wed Jun 20, 2012 5:21am EDT DUBAI, June 20 (Reuters) - A $20 billion fund planned by wealthy Gulf Arab states to aid Bahrain and Oman has not been capitalised yet, but Bahrain expects to receive an allocation soon, a prospectus for the country's upcoming sovereign bond issue said. "At the date of this prospectus, the Development Fund has not been capitalised," the Bahrain government said in the preliminary prospectus, dated June 19 and seen by Reuters on Wednesday. Foreign ministers from six Gulf Arab oil exporting countries announced the fund's creation in March 2011, in order to help Bahrain and Oman combat social unrest spreading across the Middle East. The two countries were each supposed to be given a grant of $10 billion, spread over 10 years, for development and social projects. The fund will be sponsored by the wealthier Gulf Cooperation Council members: Saudi Arabia, the United Arab Emirates, Kuwait and Qatar. Bahrain also said in the bond prospectus that its government budget deficit shrank to $83 million in 2011, the lowest shortfall in three years and well below a projected budget gap of $3.3 billion, because oil prices were higher than expected. Budget expenditure rose to $7.6 billion in 2011, the highest level since at least 2008, while revenue jumped to $7.5 billion, the prospectus showed. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions