IMF Ready to Aid MENA Countries Under Crisis, Official Says

Masood Ahmed, International Monetary Fund's Middle East and Central Asia regional director. Photo by: Thomas Dooley / CC BY-NC-ND

The International Monetary Fund is preparing to provide up to $35 billion to Middle Eastern and North African countries hit by unrest and rising commodity prices, according to the fund’s Middle East and Central Asia regional director.

Among the expected beneficiaries of IMF’s aid package is Egypt, which is seeking to plug a $12 billion financing gap as it tries to rebuild its economy and transition toward democracy.

“We stand ready to help Egypt whenever they come to us,” The National quotes IMF regional director Masood Ahmed. “The basic objective would be to advance on their social agenda and maintain macro-stability over the next 12 to 18 months.”

Egypt has held talks with various multilateral institutions, including IMF and the World Bank, in a bid to secure financial assistance, as Devex reported.

>> Egypt Eyeing IMF, World Bank Loans

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About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.