G8 pledges $20-billion for Arab Spring countries

mentalfloss

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Jun 28, 2010
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G8 pledges $20-billion for Arab Spring countries

They closed their summit with a “declaration on the Arab spring” that pledged to back concrete economic political reforms across North Africa and the Middle East, starting with Egypt and Tunisia, two countries which ousted dictators but face economic downturn.

French President Nicolas Sarkozy said the entire package of aid marshalled for North Africa would total $40-billion, including $10-billion in bilateral aid from G8 countries, and another $10-billion from Arab gulf states like Saudi Arabia and Qatar.

The prime ministers of both Egypt and Tunisia had come to the summit seeking billions of dollars to address budget gaps, launch economic-development programs, and to seek capital for job-creation initiatives.

Tunisia’s foreign minister, Jalloul Ayed, said Friday that the money is key to securing the country’s path to democracy by providing hope, especially to young people that sparked the revolution that overthrew dictator Zine El Abidine Ben Ali.

The declaration did not specify which funds would come from which institution or country, instead tasking finance ministers and foreign ministers from the G8 – Canada, the U.S., Britain, France, Germany, Italy, Japan, and Russia – with hammering out details “over the next few months.

Several G8 nations have offered their own aid packages to Egypt and Tunisia – though Prime Minister Stephen Harper indicated Thursday that Canada doesn’t expect to offer its own bilateral aid package. Instead, he said he favours aid being delivered through multilateral development banks, noting that Canada has increased its loan-guarantee backing for several such banks since 2009.

The G8 declaration called for one of those Canadian-backed development banks, the European Bank for Reconstruction and Development, to extend its lending to North African nations like Egypt and Tunisia.


G8 pledges $20-billion for Arab Spring countries - The Globe and Mail
 

captain morgan

Hall of Fame Member
Mar 28, 2009
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A Mouse Once Bit My Sister
Enough with the never-ending aid from the Western nations that are despised in that neck of the woods... If these groups want to attract capital investment, then offer the options and everyone can move forward. As it stands, Canadians are being taxed to death just to afford our own society, I have little interest in going into debt (as a Nation) or being taxed further to support everyone else on the globe.
 

petros

The Central Scrutinizer
Nov 21, 2008
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Why do they have to over throw the people they installed the first time? Did they find happier more obidient dictators who are benevolent?
 

petros

The Central Scrutinizer
Nov 21, 2008
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That's what I'm saying. Why? Do you like Socialism and deficit spending to achieve it? Was this a desicion made through democracy? What did your MP vote on this in your name? For or against?
 

petros

The Central Scrutinizer
Nov 21, 2008
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My TV dad Archie Bunker (my generation was the first raised by TV) put it best; "Califonia is like a box of cereal. Full of flakes, nuts and fruits."
 

DurkaDurka

Internet Lawyer
Mar 15, 2006
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What a waste of money, thankfully Harper didn't commit to the 40 billion dollar fund. Why don't the richer countries in the ME pony up this cash opposed to G8 members? What a racket...
 

PoliticalNick

The Troll Bashing Troll
Mar 8, 2011
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Ain't overthrowing dictators grand, I'd do it for a cool billion or two....for the interest of others.....
As long as YOU got a couple of billion in YOUR pocket go ahead, but don't be reaching in my wallet to support your ideas.

Why do they have to over throw the people they installed the first time? Did they find happier more obidient dictators who are benevolent?
They have come to the conclusion it is easier to install & uninstall leaders in a faux democracy. If the one in power isn't satisfactory just fix another election and you got your guy.