US official: G8 steps up plans to aid Arab Spring economies

May 22, 2012 05:12

WASHINGTON - Industrialized nations have stepped up plans to help countries swept up in the Arab Spring rebuild their economies through more access to international credit markets, investment and trade, a senior State Department official said on Monday.

Undersecretary of State Robert Hormats said while headlines from a G8 leaders' summit at the weekend focused on the economic crisis in the euro zone, the meeting also underscored efforts needed to stabilize the transition economies of Egypt, Libya, Jordan, Morocco and Tunisia.

The G8 launched the so-called Deauville Partnership last year, including global lenders such as the IMF and World Bank, after uprisings in Tunisia, Egypt and Libya ended decades-long dictatorships and protests prompted political reforms in countries such as Morocco and Jordan.

Hormats said there had been political and economic advances in the countries since the Arab Spring events, but financial conditions were still challenging and countries needed to export more and attract foreign investment.

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