The Group of Eight leading nations hopes to mobilize a $40 billion package to help Arab countries–that recently overthrew their autocratic governments– make the transition to democracy, French President Nicolas Sarkozy said Friday at the end of a two-day summit.

Sarkozy also suggested that U.S. President Barack Obama has given his blessing to the candidacy of French finance minister Christine Lagarde at the helm of the International Monetary Fund.

France said the $40 billion package includes a $20 billion commitment from multilateral banks–excluding the IMF–plus an additional $10 billion in bilateral pledges from G-8 nations, as well as $10 billion from Gulf countries–Saudi Arabia, Qatar and Kuwait.

The final G-8 statement only mentions the $20 billion pledged by international banks, and adds that G-8 nations stand ready to help “Arab Spring” countries meet their additional funding needs, with possible help from other regional institutions.

Turning to the IMF succession, Sarkozy said: “I think I know he [Obama] has made his decision and is waiting for the right moment to announce it.”

Referring to an earlier statement by U.S. Secretary of State Hillary Clinton welcoming women in top jobs of institutions like the IMF, Sarkozy added: “I’d struggle to imagine there is disagreement between the two of them.”

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