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World’s largest economies are ready to help Arab world
17.04.2011 by Abdul Raouf Al-Sibai
The member states of the International Monetary Fund (IMF) on Saturday asked the entity to provide special attention to the economic repercussions of the revolutions in the Arab world.
“The immediate economic impact of the tragic events in Japan and some countries in the Middle East and North Africa deserve special attention.” said the statement International Monetary and Financial Committee (IMFC).
The 187 members of the International Monetary Fund (IMF) and World Bank (WB) met on Saturday under the impact of these events. Countries of the region suffer from high rates of unemployment, low wages and poverty.
France, who chairs the group of rich and emerging countries (G20) jointly, announced a plan to help countries of North Africa and the Middle East.
The Fund has ensured it is prepared to act quickly if help was requested. The IMF has already sent missions to Egypt and Tunisia, but these countries have not yet applied for financial aid.
Egypt most likely will be the first country of the region the seek IMF assistance, but until now the country is studying which kind of funding will need and on which basis it will be. Egyptian authorities estimate that they have a financing requirement of about 10 to 12 billion dollars over the period running through to June 2012.
The IMF presented its economic projections for these regions, predicted that despite all the disturbances a high revenue to the Arab oil exporters. The countries that import oil in turn will have a growth of only 2%, very poor in relation to its population growth due to high energy prices and supply. The growth in Egypt would be 2.5% and 1.5% in Tunisia.
Helping build a better future for these countries are not only important for Egypt and Tunisia, it is important for every country because this example is an example, which will have major consequences on the society.