Saudi Arabia, Kuwait and UAE pledge £1.9billion to shore up Jordan’s economy

The source said a signing agreement will take place later on Thursday that announces the breakdown of a £1.9bn ($2.5bn) aid package pledged last June to help the Jordan implement austerity measures which had sparked massive protests.

The package also includes £461m ($600m) in credit guarantees by the three Gulf countries that will help Jordan secure cheap World Bank credit and other financing for much needed infrastructure projects.

Kuwait was the first to place £385m ($500m) in the Central Bank while another £254m ($330m) was received on Thursday from Saudi Arabia, the source added.

The protests last June worried conservative Gulf states who feared instability in staunch US ally Jordan that has long backed their foreign policy positions could have repercussions on their own security.

Jordan’s key role in protecting geopolitical stability in the Middle East already makes it one of the highest per capita recipients of foreign aid in the world, according to figures from USAID, the US aid agency.

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The aid package comes as tensions soar between the US and Middle East after warned Saudi Arabia’s King Salman he would not last in power “for two weeks” without the backing of the US military.

Mr Trump, to cheers at a rally in Southaven, Mississippi, said: “We protect Saudi Arabia. Would you say they’re rich. And I love the King, King Salman. But I said ‘King – we’re protecting you – you might not be there for two weeks without us – you have to pay for your military.’”

The Trump administration has had a close relationship with Saudi Arabia, which it views as a bulwark against Iran’s ambitions in the region.

Mr Trump made Saudi Arabia his first stop on his maiden international trip as president last year.

The US President called King Salman on Saturday and they discussed efforts being made to maintain supplies to ensure oil market stability and global economic growth, according to Saudi state news agency SPA.

Saudi Arabia is the world’s top oil exporter and the de facto leader of OPEC, which has been criticized by Trump for high oil prices.

Speaking at the United Nations General Assembly in New York last month, Mr Trump said OPEC members were “as usual ripping off the rest of the world.”

He said: ”We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices. Not good. We want them to stop raising prices, we want them to start lowering prices.”

The US President has also pressed other allies, such as Japan, South Korea and Germany, to take more of the financial burden of their defence.


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