THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND HOLDS ITS 101ST MEETING ON THURSDAY, 20 JUNE 2019

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THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND HOLDS ITS 101ST MEETING ON THURSDAY, 20 JUNE 2019
2019-06-20

The Arab Monetary Fund continues its efforts to pursue economic and financial reform programs in its member countries to meet the various challenges

The Fund is completing its efforts to establish the Arab Regional Clearing and Settlement Corporation

The Fund provides 250 training hours for official Arab cadres during the second quarter of 2019

 

The Hundred and Ninetieth Meeting of the Executive Board of the Arab Monetary Fund was held on Thursday 20 June 2019 at the Beach Rotana Hotel in Abu Dhabi, under the chairmanship of Dr. Abdulrahman bin Abdullah Al-Humaidi, General Manager and Chairman. The meeting reviewed the developments of the activities of the Fund and the most important achievements in its various areas of work during the second quarter of 2019 as part of its five-year strategy (2015-2020).

With regard to the lending activity , the Board was informed of developments relating to the loans approved by IFAD to Member States in response to its request to reap the resources of the Fund, as well as the results of the follow-up missions of the Fund to monitor the implementation of agreed reform programs supported by IFAD loans.

On the other hand, the Board's agenda included a review of the developments of the Fund's investment activity, including the activity of accepting deposits from central banks and Arab monetary institutions, the performance of investment portfolios, developments in international financial markets and the measures taken to implement the Fund's investment strategy.

The Council was also informed of the training opportunities provided by the Fund during the second quarter of 2019 to Arab cadres in the economic, financial, monetary and statistical institutions in the Arab countries through its Economic Policy Institute. During the quarter, the Institute's activities included nine training courses, which were presented with the participation of the Arab Monetary Fund (AMF), in collaboration with the World Trade Organization, the German Central Bank, the Bank for International Settlements, the Federal Reserve Bank, the World Bank and the Center for Economics and Finance. The Middle East of the International Monetary Fund, and the European Stability Mechanism. The courses dealt with various economic topics that match the training needs and concerns of the official Arab cadres.

The Council also reviewed the Fund's activities in the field of developing the financial sector in the Arab countriesthrough its initiatives in cooperation with the relevant regional and international financial institutions. The Council was informed of the issuance of the book "Financial Inclusion in Arab Countries" As part of the Arab Day for Financial Inclusion.

In the framework of its role as the Technical Secretariat of the Board of Governors of Central Banks and Arab Monetary Institutions, the Council was informed of the results of the 7th Arab Credit Committee Meeting, in thepresence of the directors responsible for the credit information systems and risk centers in the Arab Central Banks, Which are licensed by central banks and Arab monetary institutions. The Board also took note of the organization of the 33rd Arab Banking Supervisory Committee , in the presence of the Directors of the Banking Supervision Departments of the Central Banks and the Arab Monetary Institutions, as well as representatives of the Basel Committee for Banking Supervision and the Islamic Development Bank Group.

On the other hand, the Council reviewed the Fund's efforts to complete the establishment of an independent legal entity owned by the Arab Monetary Fund to manage the regional system for clearing and settlement of inter-Arab payments . The Board was briefed on the developments of the Arab Regional Clearing and Settlement System With the Settlement System project of the Gulf Payments Company, the role of the Supervisory Committee, the strategy of communication with the user group of commercial banks, as well as the products and services expected to be provided by the Regional Foundation.

The Board also reviewed the activities of the Fund during the period since its previous meeting in March 2019. The Counciltook note of the topics discussed during the tenth session of the Arab Finance Ministers' Council organized by the Fund on 25 April 2019 In the State of Kuwait, with the participation of Arab Ministers of Finance and representatives of the League of Arab States, the Arab Fund for Economic and Social Development and the Arab Executive Directors of the IMF and the World Bank as observers.

In this context, the Board was briefed on the topics included in the agenda of the meeting, the most important of which is the discussion of a series of working papers on topics that are at the center of Arab policy makers' attention, such as "Supporting Small and Medium Enterprises in Arab Countries" and "Developing Security Systems The development of public debt management and strategies in the Arab countries, the use of modern financial technologies to develop tax services, as well as the regional and international economic developments and the challenges facing Arab economies in this regard. That.







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