"Reviving economic growth in the Arab region should be the priority to aid the transition from instability, the deputy managing director of the IMF said yesterday.
Min Zhu also called upon the international community to make good on billions of dollars in support funds pledged more than two years ago to aid Arab Spring nations.
"Growth still remains the key challenge for the region," he said at the World Economic Forum on the Middle East and North Africa in the Dead Sea, Jordan, which got under way yesterday. "We need a macro stability policy, we need a fiscal policy to carefully support growth. For example, the region is spending 9.5 per cent of GDP on subsidies. If we do energy reform we can save a lot of money for public expenditure to support growth and enhance jobs. We need fiscal policy to support spending on education and health to support long-term growth."
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