Business

Reconstruction funds pledged for Arab countries

07:52 am on 11 September 2011

Finance ministers from the G8 group of industrialised countries have pledged $US38 billion to several Arab countries to help with reconstruction and moves towards democracy.

The money will go to Egypt and Tunisia, which overthrew their autocratic leaders, as well as Morocco and Jordan.

In addition, the International Monetary Fund has recognised Libya's post-Gaddafi leadership.

The G8 - the world's richest countries plus Russia - is meeting in Marseille.

In addition to the pledge of $US38 billion from G8 countries, the IMF is extending further funds.

The BBC reports the total of $US73 billion in pledges nearly doubles the amount originally pledged by the G8 and others at an earlier summit in May.