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Treasury’s Brainard Calls For Long-Term Support To Middle East

April 14 (Bloomberg) -- The U.S. and its allies need to provide long-term support to Egypt, Tunisia and other nations undergoing political transitions, said Lael Brainard, the Treasury Department’s undersecretary for international affairs.

In an op-ed article published today on ForeignPolicy.com, Brainard called for international efforts to educate and find work for young men and women. She also said aid resources need to be linked to “home-grown reforms” that incorporate local efforts to improve governance.

“Our engagement will need to be long term and multilateral. Economic transitions will take many years, and formidable challenges lie ahead,” Brainard said. “While short-term assistance on the recovery is important, to be truly effective in underwriting a new, more inclusive growth model, we must be prepared to work through the setbacks and scale up successes.”

The U.S. will provide direct assistance to Egypt and Tunisia while also working with development banks to aid the region, Brainard said. The World Bank, the International Finance Corp. and the African Development Bank have more than $4 billion “potentially available” to those two countries over the next year, she said.

“Alongside our partners in the Middle East and Europe, the United States stands ready to support these democratic transitions through renewed multilateralism,” Brainard said.

To contact the reporter on this story: Rebecca Christie in Washington at rchristie4@bloomberg.net

To contact the editor responsible for this story: Kevin Costelloe at kcostelloe@bloomberg.net

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