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FINANCIAL NEWS
IMF says Arab Spring countries need USD90b
03 May 2012
(MENAFN) The International Monetary Fund’s (IMF) director for Middle East and Central Asia, Masood Ahmed, stated that countries which were swept by the Arab Spring need USD90 billion, as they lack cash, reported The National.
Ahmed added that during the current year, Arab oil importing countries will need USD90 billion, whereas the amount will be expected to grow to USD100 billion in 2013.
He also said that jobs’ creation is still a main priority, as the political unrest weakened trade and tourist links with the euro zone, deteriorating economies, thus, reducing incomes and increasing unemployment.
Moreover, Egypt and Tunisia are the main countries that were affected by the Arab Spring, with new demands for faster change from citizens and the withdrawal of foreign investment have worsened the challenge.
It is worth noting that the IMF still has approximately USD35 billion available to aid Arab Spring nations, however, the rest of the amount will have to come from other organizations and countries.
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