With Revolution, New Arab Economic Opportunity-IMF, by Ambassador mo
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The “Arab Spring” is also about greater and more equal access to opportunity. Christine Lagarde, IMF’s Managing Director, sees the rise of this economic opportunity: “Because the overarching goal from an economic perspective for the Arab Spring remains clear. It has to be higher growth, but it has to be growth that creates jobs and growth that is shared equitably among all strands of society,” It should be also highlighted that prospects in the Middle East and North Africa vary substantially in significant part based upon whether the country is oil exporter or importer. (Read: - diplomaticallyincorrect.org/films/blog_post/economic-outlook-middle-eastnorth-africa-fall-2011-imf-money-flash-by-ambassador-mo/38394). Role of International Community/IMF in Realizing New Economic Opportunity: The international community has a responsibility to help and the IMF can play its part according to Lagarde speaking at the Woodrow Wilson Center in Washington DC in event co-sponsored by the Safadi Foundation. (Link to - www.safadi-foundation.org/). “From a financial point of view, we just stand ready to help any of those countries that request our support together with our guidance in terms of what will be most helpful in setting out the economic map so that going forward there is actually an economic map that people will look forward to,” According to Lagarde, the international community and by extension the IMF must listen to the hopeful voices and provide support including financing, technical assistance, and market access. (See Film Report: - “Egypt/Tunisia – World Bank Focus” diplomaticallyincorrect.org/films/movie/egypttunisia-world-bank-focus/27063 ) Inclusive Growth & Job Creation: “It has to be through better targeted policies, better targeted subsidies, so instead of having those wide ranges of grants and subsidies that go equally to the less privileged and the very privileged, it has to be much better targeted for those with low income or no income at all,” Lagarde said. Reforms Needed: “It requires predictability, legal and tax stable environments and more importantly, no corruption,” Lagarde said. Lagarde pointed to IMF research showing that more equal societies are more stable and stronger societies. “It’s now much clearer, including through studies and empirical research that we have conducted, it is much clearer that more equal societies are associated with greater economic stability and more sustained growth.” (See FILM REPORT - "Global Peace Index" - diplomaticallyincorrect.org/films/movie/global-peace-index/27144 ) By Ambassador Muhamed Sacirbey Facebook – Become a Fan at “Diplomatically Incorrect” Twitter – Follow us at DiplomaticallyX Related Reports at “International Financial Crisis Channel” - diplomaticallyincorrect.org/c/international-financial-crisis