São Paulo – last Thursday (6th), the managing director of the International Monetary Fund (IMF), Christine Lagarde, said that the Arab Spring may be beneficial to the countries in the Middle East and North Africa. According to Christine, the countries that experienced protests and government changes over the last year may have years of economic growth, job creation and income generation once the turmoil has ended.
The opportunities that present themselves to countries such as Tunisia, Egypt and Yemen, for instance, extend beyond simple changes of government. During an address at the Woodrow Wilson Center, in Washington, the Fund’s managing director said each of the countries that staged uprisings will find their own path to recovery, but that the overarching economic goals of the Arab Spring remain clear: “higher growth, growth that creates more jobs, and growth that is shared equitably among all strands of society.”
Christine acknowledged that progress will not be easy, all the more so because this year, the international community is experiencing a major financial crisis, which prevents it from focusing closely on the Arab crisis. “Now we are moving into the most difficult period of all. We are in the middle of a delicate transition between rejecting the past and defining the future,” said Lagarde. She said, however, Tunisia is one example of a place where protests arose, back in 2010, and now a “moderate” and “inclusive” transition process is taking place.
Lagarde also said the Fund is helping Tunisia to improve its financial system, Egypt to make its tax system fairer, and Libya to develop its government payment system.
*Translated by Gabriel Pomerancblum
