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:
“Go to foreign countries and you will get to know the good things one possesses at home.”
—Johann Wolfgang Von Goethe (1749–1832)
“Vanity is a vital aid to nature: completely and absolutely necessary to life. It is one of nature’s ways to bind you to the earth.”
—Elizabeth Smart (1913–1986)