G8 Talks Money for Arab Spring Countries
As the leaders of the G8 nations begin to feel more secure in the belief that the global recession is ending, they have begun talk of offering financial support to nations in the Arab world. Promoting democracy in the region is a primary concern, and nation-building is an expensive proposition.
While there seems to be a consensus in the western press about a specific number - $20 billion - how the money will be raised remains nebulous. The offer of funds is in direct response to financial development plans offered to the G8 leaders for consideration by the leaders of Tunisia and Egypt. Beyond $2 billion already pledged by the U.S., $250 million a year offered by France, and 110 billion pounds from the UK, there are few specifics being offered.
The financial support being offered can be viewed with some level of skepticism, as the G8 has previously failed to meet pledges in the past. In addition to financial pledges, there is also talk of political support. As reported by Al-Jazeera, the G8 leaders' proclaimed in their statement: "We call on the Syrian leadership to immediately stop using force and intimidation against the Syrian people and to respond to their legitimate demands for freedom of expression and universal rights and aspirations. We also call for the release of all political prisoners in Syria." The leaders also called for Libyan President Muammar Gaddafi to step down, and declared that he has lost all legitimacy as a leader.
In addition to pledges from G8 nations, the plan offered also includes development loans from world and European banks. Most notably is a call for support from the European Bank for Reconstruction and Development (EBRB). After the fall of the Berlin Wall, the EBRB assisted in rebuilding Eastern Bloc nations. Because of that, there have been some comparisons made between Arab Spring and the redevelopment of Central and Eastern European nations in the wake of the fall of the Soviet Union. However, beyond the concept of rebuilding after the fall of a government, there are few similarities between Central and Eastern Europe in the 1990's, and the Middle East and North Africa today.
While western media outlets are apparently in agreement about the amount of money the G8 leaders are pledging for the region, Egypt's AhramOnline is reporting another number - $40 billion. However, their number reflects not only monies from G8 nations and western banks, but also monies collected from oil rich nations in the Persian Gulf region.
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