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UAE tells donors to deliver Arab Spring aid pledges

“We call upon the international community to begin implementing the items set by the ‘Deauville’ statement, particularly with regards to funding amounts specified,” said Younis Haji Al Khouri, Undersecretary at the UAE’s Ministry of Finance.

The international community pledged $38 billion in September 2011 in financing to Tunisia, Egypt, Morocco and Jordan over 2011-13 under the “Deauville Initiative”.

Half of the $38 billion is supposed to be provided by G-8 and wealthy Arab states, and half by multilateral lenders such as the World Bank.

The International Monetary 
 Fund (IMF) promised a further $35 billion to countries affected by Arab Spring unrest.

Al Khouri’s call to donors is seen pertinent since very little of that promised money has actually been handed over.

Al Khouri, who was addressing a meeting of G-8 financial undersecretaries and Deauville partners in Abu Dhabi, also asked the IMF and the Council of European Development Bank to contribute to efforts of improving investment climates in Arab Spring states, and to work on increasing development and construction projects in these countries.

“Countries that are currently witnessing significant political changes in their efforts towards achieving new democracies require additional assistance during these difficult times. These states are faced with many challenges, including rising unemployment rates, which threaten to result in more political and social unrest,” said Al Khouri.

He also stressed the urgency of finalising funding procedures and providing technical support in coordination with donor states, Deauville Partners and regional and international organisations to attract foreign investments, improve job markets and to provide more work opportunities and basic services for citizens.

The Abu Dhabi meeting, which was held as per the directives of Shaikh Abdullah bin Zayed Al Nahyan, Foreign Minister of the UAE, was aimed at preparing for the upcoming meeting that is scheduled to take place in Washington in April. Headed by the US, the initiative aimed to address important issues pertaining to promoting economic growth and enhancing investment climates in countries witnessing political changes in the region.

During the meeting, the attendees discussed methods of providing social and economic development tools to countries experiencing political changes and who are working towards achieving new democracies in the region. Policies were also formulated to alleviate economic difficulties, high unemployment rates, and increases in prices of food items and energy. issacjohn@khaleejtimes.com

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