US Beggi​ng Arabs​ $300 Billi​on Dolla​rs In Aid

[Mrs. Sharon B. Hodge]

US Beggi​ng Arabs​ $300 Billi​on Dolla​rs In Aid


One hundred riyal notes at a bank in Riyadh, the Saudi Arabian capital The US has asked four oil-rich Gulf states for close to US$300 billion to help it curb the global financial meltdown, Kuwait's daily Al-Seyassah has reported

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US seeks 300 billion dlrs from Gulf states: report
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AFP News
Thu Nov 20, 2008

http://news. yahoo. com/s/afp/20081120/bs_afp/financeeconomyusgulf_...

KUWAIT CITY (AFP) – The United States has asked four oil-rich Gulf states for close to 300 billion dollars to help it curb the global financial meltdown, Kuwait's daily Al-Seyassah reported Thursday

Quoting "highly informed" sources, the daily said Washington has asked Saudi Arabia for 120 billion dollars, the United Arab Emirates for 70 billion dollars, Qatar for 60 billion dollars and was seeking 40 billion dollars from Kuwait

Al-Seyassah said Washington sought the amount as "financial aid" to face the fallout of the financial crisis and help prevent its economy from sliding into a painful recession

The daily said the United States plans to use the funds to help the ailing automobile industry , banks and other companies suffering from the global financial turmoil

The four nations, all members of OPEC, produce together 14 million barrels of oil per day, around half of the cartel's production and about 17 percent of world supplies

The four states are estimated to have amassed close to 1.
5 trillion dollars in surplus in the past six years due to high oil prices that rocketed above 147 dollars in July before sliding to just above 50 dollars

The daily also said that the United States has asked Kuwait to forgive its Iraqi debt estimated at around 16 billion dollars