Arab leaders to pledge $2 billion to revamp economiesSHARM EL-SHEIKH: A meeting of Arab leaders in Egypt Wednesday to discuss trade and development has been overshadowed by the Tunisian uprising. "The Arab world is witnessing today unprecedented political developments and real challenges in the sphere of Arab national security," Kuwait's Foreign Minister Mohammad Al-Sabah said Tuesday. He told a foreign ministers' meeting in the resort town of Sharm El-Sheikh to prepare for the summit: "Countries disintegrate, people conduct uprisings...and the Arab citizen asks: Can the current Arab regime meet these challenges dynamically?" He questioned: "Can the regime address the humanitarian suffering of the Arab citizen?" Arab leaders are moving forward to finally implement a proposed $2 billion program to revamp the faltering economies across the region amid fears of protests over high unemployment, rising prices and rampant corruption, such as those that just brought down Tunisia's government. The pledge was made in a document obtained by the Associated Press and expected to be adopted by the economic summit opening Wednesday. This is “a commitment to provide job opportunities for Arab young people in order to empower them to participate fully in their societies,” stated the document labeled as the summit's final statement. The idea of the fund was first suggested by Kuwait during the economic summit in the Gulf emirate in 2009 but has been slow to get off the ground like many Arab League initiatives requiring members to pledge money. The head of the Arab League called on rich Arab countries to extend a helping hand to their needy brothers as the turmoil in Tunisia cast a shadow over the summit. In a speech to delegates in the Red Sea resort of Sharm El-Sheikh, League Secretary-General Amr Moussa urged rich Arab countries to help their poorer brothers. “The less developed countries need help to build their economies and promote development,” he said. Addressing a news conference, Moussa said economic and political reform in the Arab world should go together. “Democracy and development should go hand in hand. Otherwise there will be no progress in the region. It is not sufficient to talk about economy alone,” he said. Meanwhile, Saudi Arabia has offered to host the Arab League's third Economic Summit due in two years' time. Ahmad Qattan, the Kingdom's representative at the Arab League, said a Saudi delegation had made the offer to senior figures at the Arab League's Economic and Social Council and permanent representatives to the Arab states. The proposal to hold the summit in Riyadh now awaits submission to Arab League foreign ministers followed by Arab leaderships at the Sharm Al-Sheikh summit. The Saudi delegation to the Sharm Al-Sheikh summit is being led by Saud Al-Turki, Minister of Foreign Affairs.
