GCC finance ministers study intra-gulf rail project

Development aid for Bahrain, Oman, Jordan, Yemen and Morocco to be expedited

Riyadh: Ghazanfar Ali Khan the creation of the fund were discussed at the meeting.

“But, the details on how to disburse the aid would be decided by the consultative committee meeting of GCC heads of state, to be held on May 15 in Riyadh,” he added.

Al-assaf also underlined the urgent need for financial assistance to these countries especially Yemen.

The Kingdom and also the GCC member states in their individual capacities have also been working to help the struggling Egyptian economy.

The ministers also discussed a proposal to lift the tariff on imports of eight commodities widely used by the persons with special needs.

The meeting also reviewed several other important issues of concerns in the field of finance and economy. They included the GCC Customs Union, Common Market and establishment of a GCC audit organization.

The minister also reviewed the ongoing negotiations with international economic and commercial organizations besides foreign countries and economic blocs.

It was not immediately known whether the GCC finance ministers discussed the plan to impose a 100 percent hike in “health tax” on cigarettes and other tobacco products imported in the GCC.

Majed Al- Monief, an official of the Ministry of Health, said that the ministers of finance and health from the GCC states have already decided, at least in principal, to raise the tariff from the present 100 percent to 200 percent.

The additional funds raised via the health tax will be used to help prevent smoking and hopefully raise awareness of the impact smoking has, especially on young people.