If there is one fact I think sums up the problems of the Middle East and North Africa, it is that the non-oil exports of the whole region, are $365 billion, about the same as the exports of Belgium, a country of 11 million people, compared with the 400 million people who make up the Arab world. This is a crucial indicator of the nature and size of the structural adjustment problem the Arab countries in transition face.
The IMF blog has helped stimulate considerable debate about economic policy in the current crisis, on events in Europe and around the world, on fiscal adjustment, on regulating the financial sector, and the future of macroeconomics, as economists learn lessons from the Great Recession. As readers struggled to understand the implications of the crisis, our most popular post by far was IMF Chief Economist Olivier Blanchard's Four Hard Truths, a look back at 2011 and the economic lessons for the future.
The IMF’s assistance varies across the region, given that each country faces its own economic challenges, and the instruments to tackle those challenges must be tailored to address those unique circumstances. I am pleased to say that a few days ago, in response to the authorities’ request, the IMF Board approved two loans in support of the economic reform agendas of Arab countries in transition: one for Jordan under a Standby Arrangement in the amount of $2.05 billion, and another for Morocco in the amount of $6.2 billion under our Precautionary and Liquidity Line (PLL). This follows on our earlier concessional loan to Yemen under the Rapid Credit Facility.
We know that social exclusion and unemployment, especially among young people, are very painful and that the challenges ahead are formidable. We should not let the hopes and aspirations of the people who took to the street go unfulfilled. We must strive to ensure that the people of the Arab countries in transition have the opportunity for a fairer and more prosperous future.