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FINANCIAL NEWS
Arab Monetary Fund may not help EU financially
12 Dec 2011
(MENAFN) Arab Monetary Fund’s (AMF) Director General, Jassim Al-Mannai, said that since providing loans to Arab countries had priority, the fund might not offer any financial aid to the euro zone, reported Arab News.
Al-Mannai added that last year, the fund provided loans worth nearly USD548 million to Jordan, Morocco and Yemen, recording the highest level of annual lending in the last 22 years, moreover, Egypt would also receive financing worth USD470 million from the fund in 2011, after the country’s budget deficit expanded in the wake of the uprising.
He also said that wealthy Arab Gulf governments often expand international aid on a mutual basis and could potentially do so to help Europe, however, these governments didn’t pledge any fresh money to the IMF or the euro zone.
It is worth noting that the total value of loans provided by the AMF reached USD6.1 billion at the end of last year, whereas total assets reached USD14.5 billion.
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