IMF ready to lend USD 35bn to MENA countries.

By bne IntelliNews April 18, 2011
The International Monetary Fund (IMF) is ready to lend around USD 35bn in conventional loans to oil-importing countries in the Middle East and North Africa, the funds managing director Dominique Strauss-Kahn told a news conference published on the funds website. The IMF will support countries in the region that has been rocked by political turmoil in recent months. According to the World Bank (WB) the region needs annual investment of some USD 75bn to USD 100bn to sustain growth rates and boost economic competitiveness. Egypt, for example, seeks some USD 10bn in financial aid to restructure its economy until June 2012. The IMF and the World Bank met on April 16 in Washington to discuss ways to help the Arab economies in the region. We remind that the World Bank said it is ready to lend Tunisia USD 500mn in budget support.

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