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FINANCIAL NEWS
USD35b in loans to be provided to Arab countries: IMF
28 May 2011
(MENAFN) The International Monetary Fund expressed its willingness to provide loans totaling to USD35 billion to Arab countries in need, reported the Saudi Gazette.
However, the IMF pointed out that this would be around only ten percent of the needs of the Arab countries over the course of the coming two years. The IMF clearly stated that Arab countries would need to secure a total of USD300 billion to cover their needs till 2013.
It is worth noting that the IMF cleared that such loans would be provided only to Arab countries that do not export oil, reported AFP.
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