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The Wall Street Journal

Gulf States, Wealthy From Oil, Unfold Affect With Monetary Lifelines

Saudi Arabia and different Gulf states flush with oil revenue are coming to the rescue of crisis-racked neighbors comparable to Egypt, Pakistan and Turkey, doubling down on a diplomatic device they lengthy used to construct affect all through the area.

Saudi Arabia, Qatar and the United Arab Emirates have pledged greater than $22 billion this 12 months to Egypt because the nation seeks to stave off default. The trio of oil-rich nations promised more than $10 billion in August in help to Pakistan, officers mentioned in August, as devastating flooding compounded the nation’s financial troubles. Turkey, going through one of many world’s highest inflation charges, has acquired billions in funding pledges and foreign-exchange support from its one time rival U.A.E.

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