SECRETARY-GENERAL OF THE FEDERATION OF ARAB BANKS, WISSAM FATTOUH: THE UNION OF ARAB BANKS ENCOURAGES THE ESTABLISHMENT OF A SPECIAL FUND TO CONFRONT "CORONA"

by **claud39** Tue Mar 17, 2020 9:53 am

17/03/2020

The Secretary General of the Federation of Arab Banks, Wissam Fattouh, revealed that the Union urges Arab banks to establish a special fund to counter the Corona virus, as a matter of social responsibility for banks, and contribute to the fund according to the capacity of each bank, and the main goal of its establishment is to support Arab health ministers to confront this dangerous epidemic .

The Union of Arab Banks praised the steps taken in the Gulf countries, which took important financial and monetary measures.

The Union also called for similar financial and monetary emergency measures in every Arab country, as our Arab countries are divided between countries dependent on the oil and gas sector, and between countries dependent on the services, trade and tourism sectors, Professor Fattouh expects that all Arab countries will face serious challenges because of the wheel stopping The economy in these countries and the decline in economic activity in them, especially in light of the limited capabilities of most of these countries. On the one hand, the data indicate a significant decline in global oil demand, and an almost complete halt to aviation, tourism and cross-border trade for an unknown period.

Accordingly, the Union of Arab Banks calls for the following:

First: On the individual level

Adopt the following procedures: (1) Provide short-term financing packages to companies and businesses most affected to help them continue and fulfill their obligations.

(2) Reducing the obligatory reserves of banks as much as possible in order to enable them to pump more credit into the economy and increase their financing to institutions and companies.

(3) Agreement with the banks to postpone the payments due on institutions and individuals and reschedule them wherever possible.

(4) Reducing interest on loans to enable companies and individuals to borrow for the purpose of investment and consumption to drive growth.

Second: At the collective level, the Union calls for the establishment of a joint fund to be funded from Arab countries, or a fund specific to each Arab country to be funded by the government and the private sector and banks, according to the capacity of each country and the capacity of each banking sector, and its funds are allocated to support the ministers of health and economic sectors Vitality and institutions most affected by the crisis.

Fattouh said: «The global economy and global financial markets are facing a real disaster, almost unprecedented, as a result of the spread of the Corona virus, which has paralyzed most of the countries of the world, and most of its economic sectors have suffered huge losses that cannot be determined so far due to the continued spread, especially the oil and energy, and air transport sectors Land, tourism, trade and services, except for the failure of educational institutions. If this virus continues to spread and is not contained soon, global growth is expected to decrease during the year 2020 to 1.5%, according to the Organization for Economic Cooperation and Development, which is the lowest rate of growth that will be recorded since Post The global financial crisis ».

https://uabonline.org/%d8%a3%d9%85%d9%8a%d9%86-%d8%b9%d8%a7%d9%85-%d8%a5%d8%aa%d8%ad%d8%a7%d8%af-%d8%a7%d9%84%d9%85%d8%b5%d8%a7%d8%b1%d9%81-%d8%a7%d9%84%d8%b9%d8%b1%d8%a8%d9%8a%d8%a9-%d9%88%d8%b3%d8%a7%d9%85-%d9%81%d8%aa-2/

by **claud39** Tue Mar 17, 2020 9:58 am

GOVERNORS OF GULF CENTRAL BANKS: CORONA CONFRONTATION POLICIES ARE SUFFICIENT

17/03/2020

The governors of monetary institutions and central banks in the Gulf states said that the steps, procedures and measures taken by the Gulf countries will contribute to supporting the economy during this stage, and to preserve the strength of the financial and monetary system.

On the invitation of the Governor of the UAE Central Bank, the governors of the monetary institutions and the central banks of the Gulf Cooperation Council states, with the participation of the Secretary-General of the Council, held a video conference today to discuss the economic implications of the Corona virus.
And several Gulf states announced allocating funds and taking measures to confront Corona, the last of which was today by reducing interest rates after the US Federal Reserve's decision to cut rates.

https://uabonline.org/%d9%85%d8%ad%d8%a7%d9%81%d8%b8%d9%88-%d8%a7%d9%84%d8%a8%d9%86%d9%88%d9%83-%d8%a7%d9%84%d9%85%d8%b1%d9%83%d8%b2%d9%8a%d8%a9-%d8%a7%d9%84%d8%ae%d9%84%d9%8a%d8%ac%d9%8a%d8%a9-%d8%b3%d9%8a%d8%a7%d8%b3/

by **claud39** Wed Mar 25, 2020 1:39 pm

G20 Finance Ministers & Central Bank Governors Virtual Meeting –

23 March 2020

SECRETARY-GENERAL OF THE FEDERATION OF ARAB BANKS, WISSAM FATTOUH: THE UNION OF ARAB BANKS ENCOURAGES THE ESTABLISHMENT OF A SPECIAL FUND TO CONFRONT "CORONA" FMCBG_Extraordinary_Photo2

Press Release

The G20 Finance Ministers and Central Bank Governors met virtually on Monday 23 March 2020, under the Saudi G20 Presidency, to discuss the impact of COVID-19 pandemic on the global economy and coordinate their efforts in response to this global challenge. They also discussed the preparation for the virtual G20 Leaders’ Summit, which the Saudi G20 Presidency is convening in a few days to coordinate international efforts to address this pandemic and the related economic and social impacts.

Mr. Mohammed Aljadaan, the Saudi Finance Minister, opened the virtual meeting by stressing the need to step up the G20 joint efforts and act decisively and in a coordinated manner to provide support to people and businesses, safeguard the stability of the global economy and financial markets, restore confidence, and prevent deep and prolonged negative economic impacts.

He highlighted that “since the last meeting of G20 Finance Ministers and Central Bank Governors in February, the global economy outlook has significantly deteriorated and that the evolution and global spread of the COVID-19 pandemic has impacted the global economy at the backdrop of disruption in elements of both supply and demand.”

During the meeting, G20 Finance Ministers and Central Bank Governors agreed to closely monitor the evolution of the COVID-19 pandemic, including its impact on markets and economic conditions and take further actions to support the economy during and after this phase.

They also agreed to develop a joint G20 Action Plan in response to COVID-19, which will outline the individual and collective actions that G20 has taken and will be taking to respond to the COVID-19 pandemic. Furthermore, G20 Finance Ministers and Governors discussed ways for stepping up coordinated efforts by bilateral and multilateral creditors to address the risks of debt vulnerabilities, especially in low-income countries, amid the COVID-19 pandemic.

They also discussed the role of the IMF, working closely with the World Bank Group and other International Financial Institutions, to deploy all available resources and explore additional measures needed to support financial stability and alleviate liquidity constraints for emerging markets and developing economies.

The Saudi Finance Minister concluded the virtual meeting by emphasizing the need for G20 to enhance its cooperation in addressing the COVID-19 pandemic. He highlighted that the G20 should be ready to undertake further emergency response to address this global crisis and set a vision for the medium- and long-term actions that will foster a rapid recovery in the economy and catalyze the potential for stronger economic growth.

G20 Finance Ministers and Central Bank Governors will meet virtually on a regular basis to continue their discussion and take urgent actions needed to address the global challenge presented by the COVID-19 pandemic.

[url=https://g20.org/en/media/Documents/FMCBG_Extraordinary_Press Release.pdf]https://g20.org/en/media/Documents/FMCBG_Extraordinary_Press%20Release.pdf[/url]

SECRETARY-GENERAL OF THE FEDERATION OF ARAB BANKS, WISSAM FATTOUH: THE UNION OF ARAB BANKS ENCOURAGES THE ESTABLISHMENT OF A SPECIAL FUND TO CONFRONT "CORONA"

SECRETARY-GENERAL OF THE FEDERATION OF ARAB BANKS, WISSAM FATTOUH: THE UNION OF ARAB BANKS ENCOURAGES THE ESTABLISHMENT OF A SPECIAL FUND TO CONFRONT "CORONA"

GOVERNORS OF GULF CENTRAL BANKS: CORONA CONFRONTATION POLICIES ARE SUFFICIENT

G20 Finance Ministers & Central Bank Governors Virtual Meeting – 23 March 2020