Response of the Arab Donors to the Global Financial Crisis and the Arab Spring
Development assistance from Gulf Cooperation Council (GCC) countries and Arab financial institutions has been responsive in addressing development and humanitarian needs in many developing countries. Since the global financial crisis (2008-2011), t...
| Main Author: | |
|---|---|
| Format: | Brief |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2013/12/18729612/response-arab-donors-global-financial-crisis-arab-spring http://hdl.handle.net/10986/20556 |
| Summary: | Development assistance from Gulf
Cooperation Council (GCC) countries and Arab financial
institutions has been responsive in addressing development
and humanitarian needs in many developing countries. Since
the global financial crisis (2008-2011), the combined net
official development assistance (ODA) from Kuwait, Saudi
Arabia and the UAE peaked at US$ 6.5 billion in 2008at the
height of the global financial crisis. It has since remained
relatively high at US$ 4.8 billion annually on average.
Total ODA from the three also increased significantly as a
share of gross national income, yielding a weighted average
of 0.55 percent during 2008-2011, compared to 0.49 percent
in the previous four years. The share of Arab financial
institutions' aid to International Development
Association (IDA) recipients grew by 9 percentage points
between 2005-2007 and 2008-2012, reaching 47 percent of
total commitments. The overall annual average of financial
assistance provided to Arab Spring countries by Arab
financial institutions in 2011 and 2012 was slightly higher
than the average during the global economic and financial
crisis, which in turn was nearly 70 percent higher than the
average prior to the crisis. The Gulf countries pledged
substantial financial support to the countries undergoing
political transitions in the wake of the Arab Spring, but
disbursements lagged behind those countries' acute
needs. Saudi Arabia has pledged the most funding in this regard. |
|---|