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Gulf states have dramatically cut foreign aid since mid-90s
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SPECIAL TO WORLD TRIBUNE.COM
Thursday, January 3, 2002
ABU DHABI Ñ Gulf Cooperation Council members, beset by budget woes,
have drastically reduced their foreign aid.
Since 1995, the Abu Dhabi-based Arab Monetary Fund said, the six GCC
states have provided $8 billion in foreign aid. The figure, reported over a
six-year period, is far less than the aid extended during the 1970s and
1980s.
From 1980-84, the fund said, GCC states provided $30.4 billion in
foreign aid. From 1975-79, the figure was $29.1 billion.
Foreign aid was mostly directed to Arab League members such as
Egypt and Syria, Middle East Newsline reported.
Analysts said the aid has been cut over a period that began in 1995.
They cited the dropping price of oil during most of the 1990s.
Saudi Arabia was by far the largest allocator of foreign aid, providing
60.4 percent of GCC assistance. Kuwait and the United Arab Emirates provided
16.5 and 10.5 percent of the aid, respectively.
Analysts expect the foreign aid to remain at current levels amid the
stagnant price of oil, which is expected to result in heavy budget deficits
in 2002.
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