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MENA oil importers will need $100bn for external financing next year

Nemat Shafik, deputy managing director of the International Monetary Fund (IMF) has said oil importers in the Middle East and North Africa will need around $90bn in 2012 and $100bn in 2013 for total external financing, Ahram has reported. Political transition in several Arab countries had brought promises of inclusive growth but had also created uncertainty that weighed on investment, tourism, and overall economic activity, Shafik said, adding the intergovernmental organisation has recently approved a loan for Yemen under the Rapid Credit Facility, and discussions on financing several countries are ongoing.