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By Jane Harrigan, Hamed El-Said (eds.)

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Additional resources for Aid and Power in the Arab World: World Bank and IMF Policy-Based Lending in the Middle East and North Africa

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In addition, the timing of two of these loans was undoubtedly influenced by political factors. Without Egypt, there would have been no Arab stance supportive of the US-led coalition in the 1990–91 war against Iraq. Egypt mobilised Arab support for the war and held an emergency Arab Summit for that purpose in 1990. Unlike Jordan, Egypt also sent troops to fight alongside the American forces in liberating Kuwait. Three months after the war ended in May 1991, Egypt was rewarded with a SDR 234 million IMF Standby Loan and a US$ 300 million Bank Structural Adjustment Loan.

In total between 1989 and 1999 Algeria received four IMF stabilisation loans (as well as a Compensatory Financing Facility) and four World Bank adjustment loans. The timing of several of these, as argued below, is noteworthy. President Benjedid’s political liberalisation backfired producing unexpected support for the Islamic opposition. The Bank and the Fund responded in June 1991 by offering the embattled regime a SDR 300 million Standby and a US$ 350 million Structural Adjustment Loan (the largest ever Bank programme loan to any country in the MENA region).

34, Abdellatif 2003). By 1988 investment had reached a peak of 34 per cent of GDP. However, capital accumulation was financed more by increasing sources of external rent than by domestic savings accumulation. External rent took the form of aid inflows, migrant workers remittances, Suez Canal revenues, oil exports38 and earnings from tourism as Egypt increasingly took on the characteristics of an inward looking rentier economy. However, the collapse in oil prices in the early 1980s affected rental income from Arab aid, migrant remittances, Suez revenues and oil exports.

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