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Arab region receives 37.3 bln USD from IMF

Finance Materials 25 August 2021 02:27 (UTC +04:00)
Arab region receives 37.3 bln USD from IMF

The Arab region received 37.3 billion U.S. dollars from the new allocation by the International Monetary Fund (IMF) of special drawing rights (SDRs), Trend reports citing Xinhua.

A new policy brief released by the United Nations Economic and Social Commission for Western Asia (ESCWA) recommends that governments in the region should adopt a bold approach to maximize the benefits of this unprecedented financing opportunity.

All Arab countries will benefit from the new allocation, except for Palestine, which is still not an IMF member, the ESCWA said, adding that Saudi Arabia received the highest share worth 13.7 billion dollars.

It said that Lebanon would accrue 865 million dollars through the new SDR allocation, which may provide a much-needed lifeline to the country's battered economy.

Syria received 390 million dollars while Yemen received 660 million dollars, it added.

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