Media: Kuwait rejected Turkey's request to help its economy

Sources told one of the Turkish websites that Kuwait has rejected Turkey's request for financial support to face the economic crisis which it is experiencing in light of the rapid deterioration of the Turkish lira.

14 August, 2018 14:28

NEWS DESK

Turkish Finance Minister Berat Albayrak, the son-in-law of Recep Tayyip Erdogan, held a brief visit to Kuwait, during which he met with his Kuwaiti counterpart Nayef al-Hajraf.

Sources at a Turkish site said the meeting at Kuwait airport was only 40 minutes, during which Erdogan's son-in-law asked Kuwait to help them save the Turkish lira, which has lost about 40 percent of its value since the beginning of the year.

The sources said that Berat Albayrak asked his counterpart to provide financial support estimated at 500 million Kuwaiti dinars, or up to 1.6 billion dollars, in order to support and save the Turkish lira. The sources confirmed that Kuwait refused to provide this amount in view of expectations that indicate that the economic situation in Turkey is going downhill day by day.

For its part, the Kuwaiti Ministry of Finance said in a statement that the meeting between the two ministers touched upon the knowledge of the financial management in Kuwait on the latest economic developments in Turkey, especially that Kuwait has many investments in Turkey.

The ministry denied the truth of some news sites about Kuwait pumping 500 million Kuwaiti dinars (about 1.6 billion US dollars) to support the Turkish lira, stressing that this news is baseless and stressed that no financial or investment decisions were taken in this regard.

Experts in the Turkish issue said that the Turkish economy turned into a stagnant swamp like black hole without any signs of improvement.

After the failure of the attempt in Kuwait, Turkish President Recep Tayyip Erdogan telephoned the Emir of Qatar, Tamim bin Hamad al-Thani, in an effort to urge him to provide urgent financial support to alleviate the economic crisis.

Some observers believe that while Turkey must attract more than $ 200 billion a year in foreign funding to maintain its economy, Erdogan will have no choice but to surrender in the end, and to concede to Trump's demand for the release of the American pastor held in Turkish prisons and take some measures aimed at reassuring the investors.

A.H

ANHA