Foreign Aid
Arab oil-exporting countries also used their surpluses to fund foreign aid programs, with Arab nations being one of the largest donors of foreign aid since 1973. The IMF also introduced a new lending facility during this period called the Oil Facility. Funded by oil-exporting nations and other lenders, it was available to nations suffering from problems with their balance of trade due to the rise in oil prices.
Read more about this topic: Petrodollar Recycling
Famous quotes containing the words foreign and/or aid:
“Insurrection—by means of guerrilla bands—is the true method of warfare for all nations desirous of emancipating themselves from a foreign yoke ... It is invincible, indestructible.”
—Giuseppe Mazzini (1805–1872)
“At dawn of morn, and close of even,
To lift your heart and hands to Heaven.
In double beauty say your prayer:
Our Father first, then Notre Pere.
And, dearest child, along the day,
In every thing you do and say,
Obey and please my lord and lady,
So God shall love and angels aid ye.”
—Matthew Prior (1664–1721)