Kuwait, KSA, UAE, Jordan review implementation of Makkah Summit outcome

Finance ministers of Kuwait, Saudi Arabia, the United Arab Emirates and Jordan.

Finance ministers of Kuwait, Saudi Arabia, the United Arab Emirates and Jordan have met in Kuwait to set mechanisms for implementing last June Makkah Summit resolutions to bail out the Jordanian economy by USD multi billion package.

The Kuwait meeting also tackled the Jordanian government’s efforts to achieve fiscal and economic stability in light of Makkah Summit’s outcome, the Kuwaiti Ministry of Finance stated in a press statement on Monday.

It added that the ministers were briefed about the Hashemite Kingdom’s preparation for a planned international conference for supporting Jordanian economy in London 28 February.

The ministers concurred on the need to back the Jordanian economy through the execution of the Makkah Summit resolutions. They urged the private sector companies in the three countries to partake in London conference to get acquainted with the available investment opportunities which would be key for financial and economic stability in Jordan, the statement pointed out.

On 10 June, 2018, His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Saudi King Salman bin Abdulaziz Al-Saud, Jordanian King Abdullah II, and UAE Vice-President, Premier and Dubai Ruler Sheikh Mohammad Al-Maktoum met in the holy city of Makkah to discuss offering urgent economic aid to Jordan following the eruption of massive protests due to the worsening economic hardships.

The conferees agreed on a package of measures to support Jordan at a total of USD 2.5 billion. The package included a deposit in Jordan’s central bank, guarantees to the World Bank, annual budget support for five years, and development projects financing.