MagnumPeopleTV: IMF's CHRISTINE LAGARDE: JOBS & EQUALITY in MIDDLE EAST

MaximsNewsNetwork: 06 December 2011 --International Monetary Fund: IMF: Washington DC - International Monetary Fund (IMF) Managing Director Christine Lagarde said today (6 December) that the transformation of the Arab Spring held the potential to improve the lives of people across the region.

"Because the overarching goal from an economic perspective for the Arab Spring remains clear. It has to be higher growth, but it has to be growth that creates jobs and growth that is shared equitably among all strands of society," Lagarde said in a speech Tuesday hosted by the Safadi Foundation at the Woodrow Wilson Center in Washington DC.

The IMF's Managing Director stated that while the region's destiny lies with itself, the international community has a responsibility to help. It must listen to the hopeful voices and provide support including financing, technical assistance, and market access. She said the IMF can play a part.

"From a financial point of view, we just stand ready to help any of those countries that request our support together with our guidance in terms of what will be most helpful in setting out the economic map so that going forward there is actually an economic map that people will look forward to," said Lagarde.

Lagarde said that with the right economic and social policies, short-term challenges could be addressed and the foundations laid for inclusive growth and job creation.

"It has to be through better targeted policies, better targeted subsidies, so instead of having those wide ranges of grants and subsidies that go equally to the less privileged and the very privileged, it has to be much better targeted for those with low income or no income at all," Lagarde said.

The Managing Director said that important reforms lie ahead to create a better climate for investment and job creation.

"It requires predictability, legal and tax stable environments and more importantly, no corruption," Lagarde said.

Lagarde pointed to IMF research showing that more equal societies are more stable and stronger societies.

"It's now much clearer, including through studies and empirical research that we have conducted, it is much clearer that more equal societies are associated with greater economic stability and more sustained growth," said Lagarde.

International Monetary Fund: IMF ....

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