Obama to outline new economic vision for West Asia

In his first major policy speech on the wave of popular uprising and pro-democracy movements in the West Asia and North African countries, US President Barack Obama will announce a series of initiatives geared toward supporting a broadening of economic opportunity.

Noting that the revolutions in the West Asia and North Africa (MENA) provide an historic opportunity to meet the aspirations of the people long denied political freedom and economic opportunity, a White House fact sheet issued, on the eve of the historic speech, said economic modernisation is key to building a stronger foundation for prosperity and showing people the fruits of democratic change.

 

"The people of the region will choose their own paths to democracy and prosperity, with policies and programmes that suit their circumstances. That process may take years, as was the case in the transitions of Central and Eastern Europe.

"From the beginning of this process and along the way, the US would offer its support for economic modernisation and development to those making the transition to democracy," the White House said.

These initiatives were designed to meet short term economic stabilisation requirements as well as longer term economic modernisation needs, it said.

"These two objectives are not mutually exclusive – the US will direct support now to help meet the needs of future generations. Our approach is based around four key pillars – support for better economic management, support for economic stability, support for economic modernization, and the development of a framework for trade integration and investment," the White House said.

"We will offer concrete support to foster improved economic policy formulation and management. We will do so alongside our democratisation efforts. We will focus not only on promoting economic fundamentals, but also transparency and the prevention of corruption," it said.

The US would use its bilateral programs to support economic reform preparations, including outreach and technical assistance from our governments, universities and think tanks to regional governments that have embraced reform, individuals and NGOs.

With at least two countries in the region, Egypt and Tunisia, beginning their transitions to democracy, the White House said "the US has designed initiatives to support the stabilisation process and to lay the foundation for longer term prosperity."