Remittances by foreign workers in Bahrain amounted to about 4 million dinars ($10 billion) within 4 years only, which adds new burdens to the country.

Just as the political decision in Bahrain is dependent on Saudi Arabia, now the economic decision depends on Riyadh’s conditions as well after a new grant worth 10 billion dollars was provided to the island kingdom.

Saudi Crown Prince Mohammed bin Salman Al Saud expressed support for what he described as "serious reforms" made by Bahrain to tackle the financial crisis.

Bahrain's King Hamad bin Isa Al-Khalifa hinted on Wednesday (October 3, 2018) that his country would remain dependent on support of Gulf states until the feasibility is proved of the oil discovery announced by Bahrain earlier this year.

Joint statement by Ministers of Finance of Saudi Arabia, United Arab Emirates, Kuwait and Bahrain said reviewed options for providing necessary support to enhance the stability of public finance.

The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait and the Kingdom of Bahrain reviewed options to providing the necessary support to enhance the stability of public finance and further stimulate economic growth in Bahrain.

Gulf finance ministers said on Wednesday they would support Bahrain’s financing needs after reviewing its proposed fiscal balance programme at a meeting in Manama.

Bloomberg economic news agency said that Bahrain and its allies from the Gulf states are making progress in the aid program to help Bahrain reform its financial situation and avoid a devaluation that could trouble neighboring markets.

Rating agency Moody's downgraded on Thursday the government of Bahrain's long-term issuer ratings to B2 from B1 and maintained the negative outlook. Moody's expected Bahrain's debt burden to rise to around 100% of GDP

Central Bank of Bahrain (CBB) said it managed to borrow 185 million on behalf of the Government of Bahrain. The bank said that the Government Development Bonds issued by the CBB on behalf of the Government of the Kingdom of Bahrain were covered.

Central Bank of Bahrain (CBB) said it managed to borrow 185 million on behalf of the Government of Bahrain. The bank said that the Government Development Bonds issued by the CBB on behalf of the Government of the Kingdom of Bahrain were covered.

The amount of support to be provided by “Saudi Arabia, the United Arab Emirates and Kuwait” hasn’t been announced. However, the ruling family in Bahrain doesn’t seem optimistic regarding the joint statement issued by the 3 states.

The Bahraini Minister of Finance Ahmed bin Mohammed Al Khalifa has confirmed that Bahrain will receive financial support after the dinar sank to a 17-year low.

A number of gulf states said that they are considering options to financially support Bahrain, hours after the dinar currency plummeted to its lowest rates in 17 years against the US dollar on Tuesday.

Bahrain's Finance Minister, Ahmed bin Mohammed Al Khalifa, said Bahrain would repay its loans by re-borrowing amid an ongoing budget deficit.

Bloomberg said that access to a debt is helping some cash-strapped nations in the Gulf Cooperation Council kick reforms down the road.

Bloomberg, the economic news website, said that measures taken by Bahrain were not enough to stabilize its debt-to-GDP, indicating that the International monetary Fund (IMF) expects that the debt will reach 109%.

Bahrain’s government has selected banks for a planned international bond issue, sources familiar with the matter said on Wednesday.

Bahrain’s central bank governor said on Tuesday that the country’s economic growth might accelerate because of the recovery of oil prices since mid-2017, but he warned that the government needed to be careful about its budget deficit.

Bahrain raised the ceiling of public debt to an unprecedented level when it approved a law to raise the borrowing limit to 13 billion dinars, which constitutes more than 80% of state revenues.