News / Europe

G7 Nations Pledge $38 Billion to Arab Nations

G7 Nations Pledge $38 Billion to Arab Nations
G7 Nations Pledge $38 Billion to Arab Nations

International financial institutions have promised $38 billion more to four Arab countries trying to transition to democracy, nearly doubling a previous pledge.

French Finance Minister Francois Baroin announced the pledge Saturday at the second day of talks involving finance ministers and central bankers from the Group of Seven nations, plus Russia, in Marseille, France.

He said the $38 billion will be made available to Tunisia, Egypt, Morocco and Jordan from 2011 to 2013.

The pledge compares with $20 billion announced at a meeting of G7 nations, plus Russia, in May.

Separately, the International Monetary Fund said it will recognize the Transitional National Council in Libya as the country's official government.  IMF chief Christine Lagarde told reporters of the decision Saturday in Marseille, paving the way for the council to benefit from IMF aid.

In other news in Marseille, German Finance Minister Wolfgang Schaeuble said he wants his deputy, Joerg Asmussen, to replace Juergen Stark on the executive board of the European Central Bank.  Stark, who has been critical of the bank's bond purchases, resigned on Friday.    

Officials from Libya, Egypt, Jordan, Morocco and Tunisia are explaining to G8 nations how they plan to launch their economies and hear what help they can expect from the world's major economic powers.

The Marseille discussions began one day after U.S. President Barack Obama addressed a joint session of Congress in Washington and proposed a $447-billion plan to ease U.S. unemployment, which stands at around 9 percent, and revive the economy.  Since Mr. Obama took office in 2009, Republicans in Congress have rejected almost all of his economic proposals, objecting to increased spending and deficits.

Elsewhere, there are reports that Greece is about to default on its sovereign debt.  Greek officials have denied them as speculation intended to hurt the euro.  Last year, Greece received a $159-billion bailout from the IMF and European Union.

You May Like

UN: 1 Million Somalis at Risk of Hunger

Group warns region is in dire need of humanitarian aid, with at least 200,000 children under age of five acutely malnourished as drought hits southern, central part of nation More

Human Rights Groups Allege Supression of Freedoms in Thailand

Thailand’s military, police have suppressed release of independent report assessing human rights in kingdom during first 100 days of latest coup More

Jennifer Lawrence Contacts FBI After Nude Photos Hacked

'Silver Linings Playbook' actress' photos were posted on image-sharing forum 4chan; Federal Bureau of Investigations is looking into matter More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Ukraine Schools Resume Classes, Donate to Government Forcesi
X
September 02, 2014 12:58 PM
A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video Ukraine Schools Resume Classes, Donate to Government Forces

A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video US Detainees Want Negotiators for Freedom in North Korea

The three U.S. detainees held in North Korea were permitted to speak with foreign media Monday. The government of Kim Jong Un restricted the topics of the questions, and the interviews in Pyongyang were limited to five minutes. Each of the men asked Washington to send a representative to Pyongyang to secure his release. VOA’s Carolyn Presutti has our story.
Video

Video Internet, Technology Offer New Tools for Journalists

The Internet and rapidly evolving technology is quickly changing how people receive news and how journalists deliver it. There are now more ways to tell a story than ever before. One school in Los Angeles is teaching the next generation of journalists with the help of a state-of-the-art newsroom. Elizabeth Lee has this report.
Video

Video Turkmen From Amerli Describe Survival of IS Siege

Over the past few weeks, hundreds of Shi'ite Turkmen have fled the town of Amerli seeking refuge in the northern city of Kirkuk. Despite recent military gains after U.S. airstrikes that were coordinated with Iraqi and Kurdish forces, the situation remains dire for Amerli’s residents. Sebastian Meyer went to Kirkuk for VOA to speak to those who managed to escape.
Video

Video West Africa Ebola Vaccine Trials Possible by Early 2015

A U.S. health agency is speeding up clinical trials of a possible vaccine against the deadly Ebola virus that so far has killed more than 1,500 people in West Africa. If successful, the next step would be a larger trial in countries where the outbreak is occurring. VOA's Carol Pearson has more.
Video

Video Survivors Commemorate 70th Anniversary of Nazi Liquidation of Jewish Ghetto

When the German Nazi army occupied the Polish city of Lodz in 1939, it marked the beginning of a long nightmare for the Jewish community that once made up one third of the population. Roughly 200,000 people were forced into the Lodz Ghetto. Less than 7,000 survived. As VOA’s Kane Farabaugh reports, some survivors gathered at the Union League Club in Chicago on the 70th anniversary of the liquidation of the Lodz Ghetto to remember those who suffered at the hands of the Nazi regime.
Video

Video Cost to Raise Child in US Continues to Rise

The cost of raising a child in the United States continues to rise. In its latest annual report, the U.S. Department of Agriculture says middle income families with a child born in 2013 can expect to spend more than $240,000 before that child turns 18. And sending that child to college more than doubles that amount. VOA’s Deborah Block visited with a couple with one child in Alexandria, Virginia, to learn if the report reflects their lifestyle.
Video

Video Chaotic Afghan Vote Recount Threatens Nation’s Future

Afghanistan’s troubled presidential election continues to be rocked by turmoil as an audit of the ballots drags on. The U.N. says the recount will not be completed before September 10. Observers say repeated disputes and delays are threatening the orderly transfer of power and could have dangerous consequences. VOA correspondent Meredith Buel reports.

AppleAndroid