Arab Today, arab today world bank act now to support mideast
Last Updated : GMT 22:02:52
Arab Today, arab today
Arab Today, arab today

Crucial challenges facing the global economy

World Bank: Act now to support Mideast

Arab Today, arab today

Arab Today, arab today World Bank: Act now to support Mideast

(IMFC) Chair Tharman Shanmugaratnam (L) speaks at a press conference with International Monetary Fund Managing Director
Washington ? AFP

(IMFC) Chair Tharman Shanmugaratnam (L) speaks at a press conference with International Monetary Fund Managing Director The World Bank and IMF called Saturday for urgent support for Middle East economies, warning the region\'s political upheavals could throw the global economic recovery off track.
\"We must act now,\" said World Bank President Robert Zoellick at the close of the the two organisations\' meetings in Washington.
\"Waiting for the situation to stabilize will mean lost opportunities. In revolutionary moments, the status quo is not a winning hand.\"
The Bank earlier warned that \"a worsening of conditions in the Middle East and North Africa could derail global growth.
\"If oil prices were to rise sharply and durably, either because of increased uncertainty or due to a significant disruption to oil supply, global growth could slow by between 0.3 and 1.2 percentage points in 2011 and 2012, respectively,\" it added in a statement.
In the wake of the January revolt in Tunisia against a longstanding autocratic government, which sparked similar uprisings in Egypt, Libya, Yemen and Bahrain, Zoellick said the Bank agreed to support reforms in the region.
\"We need a new social contract where governments listen to their people and include them in their development process,\" he said.
IMF managing director Dominique Strauss-Kahn pointed to the problem of a jobless recovery in the global economic revival, which is more acute as turbulence spreads across the Arab crescent, where unemployment for youth is particularly high.
\"The example of the Middle East and North Africa (highlights) this question that you may have good figures at the growth level without having the sustainability of growth, just because of the political problems behind it.\"
\"We stand ready to help\" with technical and financial assistance, he added.
The uprisings that overthrew longtime strongmen in Tunisia and Egypt while challenging others from Libya to Syria and Yemen grabbed the focus of the world\'s financial technorati as they met in Washington to discuss the crucial challenges facing the global economy.
Zoellick stressed earlier in the week the impact of rising food prices on political stability in poor countries.
\"We may be coming out of one crisis, the financial and economic crisis, but we are facing new risks and wrenching challenges,\" he said.
\"Food prices were not the cause of the crises in the Middle East and North Africa, but they are an aggravating factor.\"
Chad\'s Finance Minister Ngata Ngoulou said his country was feeling the heat from the spillover of Libya\'s European- and US-backed uprising against dictator Muammar Gaddafi.
\"All this has repercussions on Chad, repercussions above all negative on the economy and on our society. It weighs on our resources,\" he said.
Other countries \"have not considered this situation,\" he added.
French Finance Minister Christine Lagarde, who chaired a Group of 20 finance chiefs meeting on the sidelines of the World Bank-IMF meetings, called for strong support for the North African countries from governments and multilateral agencies.
She said international financial institutions need to begin assessments \"in particular of those countries that have initiated a transition towards democracy.\"
\"The economies of these countries are facing specific structural problems,\" she added.
France will boost its annual commitment to Egypt to 250 million euros ($360 million) from 150 million euros.
\"If priority is to be accorded to inclusive and sustainable growth, issues of justice, security and employment, particularly in the private sector, can no longer be addressed separately,\" Lagarde said.
\"This is also one of the lessons to be learned from the events in North Africa and the Middle East.\"
Lael Brainard, US Treasury under-secretary for international affairs, said the World Bank, International Finance Corp and African Development Bank together could potentially muster $4 billion for Egypt and Tunisia in the next year, to help them restart their economies.
The European Bank for Reconstruction and Development was also positioning itself to take a lead in the effort, according to an EBRD official.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world bank act now to support mideast Arab Today, arab today world bank act now to support mideast

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday