Bahrain Mirror- Exclusive: A universal economic expert said that there is nothing tangible until now about the Gulf support to Bahrain.

"At this stage, it's still talk, there is nothing tangible," said the Dubai-based chief investment officer for global sukuk, Middle East and North Africa fixed income at Franklin Templeton Investments to Bloomberg TV on Thursday (August 16, 2018).

Any aid package needs to come with "some funds behind it, some dollars that people can look at but also there needs to be credible plan," he told Bloomberg TV.

The finance ministers of 3 Gulf States said in a statement on Wednesday that they will support Bahrain's financing needs, after finishing reviewing its proposed fiscal balance program at a meeting in Manama.

"The ministers reaffirmed their countries' commitment to supporting the financing needs of a fiscal balance program with targeted indicators," the statement further read.

Bloomberg News reported that the multi-year program discussed between Bahrain and its allies would involve spending cuts and measures to increase non-oil revenue, including the introduction of a value-added tax.

The Gulf Cooperation Council members have been discussing aid to Manama for more than a year, as foreign investors dumped Bahrain's bonds, bankers and other Gulf sources have told Reuters.

In late June, the three countries said in a statement they were considering "all options" to support Bahrain and finalize an integrated aid program, which they said would soon be announced.

Manama has projected a state budget gap of $3.5 billion in 2018.

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