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"ARAB MONETARY" DISCUSSES THE IMPLICATIONS OF CORONA FOR FINANCIAL SERVICES DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

"ARAB MONETARY" DISCUSSES THE IMPLICATIONS OF CORONA FOR FINANCIAL SERVICES

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"ARAB MONETARY" DISCUSSES THE IMPLICATIONS OF CORONA FOR FINANCIAL SERVICES Empty "ARAB MONETARY" DISCUSSES THE IMPLICATIONS OF CORONA FOR FINANCIAL SERVICES

Post by claud39 on Wed Jun 10, 2020 1:54 pm

"ARAB MONETARY" DISCUSSES THE IMPLICATIONS OF CORONA FOR FINANCIAL SERVICES



10/06/2020



"ARAB MONETARY" DISCUSSES THE IMPLICATIONS OF CORONA FOR FINANCIAL SERVICES %D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D9%86%D8%A7%D9%82%D8%B4-%D8%AA%D8%AF%D8%A7%D8%B9%D9%8A%D8%A7%D8%AA-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9




The Arab Monetary Fund organized today the fourth extraordinary meeting from a distance to discuss the implications of the Corona virus on financial services and financial inclusion.


The meeting was attended by directors of financial inclusion departments, payment systems and digital financial infrastructure at central banks and Arab monetary institutions, in addition to the Arab Monetary Fund, which holds the technical secretariat for the committees and work teams emanating from the Board of Governors of central banks and Arab monetary institutions.


The meeting was attended by the Secretariat of the Cooperation Council for the Arab States of the Gulf, representatives of regional and international institutions such as the International Monetary Fund and the World Bank, the German Development Agency, the Global Alliance for Financial Inclusion, the International Finance Corporation, the Islamic Development Bank, the European Investment Bank, the French Development Agency, and the group The Consultative Aid to the Poor / CGAP /, the International Labor Organization, the United Nations Capital Development Fund, the International Association of Mobile Networks, the EuroClear Foundation, as well as a number of global central banks, such as the German Central Bank, the Turkish Central Bank, the French Central Bank, the Central Bank of countries West Africa.


This meeting comes at a time when the Corona pandemic continues to spread around the world, and the economic, social, financial and banking risks and repercussions are increasing, resulting in additional pressures on basic financial services, and he clearly highlighted the importance of accelerating the transition to digital financial services and electronic payment applications and the need to continue efforts to enhance access to finance and services Finance.


Dr. Abd al-Rahman bin Abdullah Al-Hamidi, Director General of the Chairman of the Arab Monetary Fund, said that the continuation of extraordinary meetings comes to confirm that strengthening financial inclusion in the Arab countries is one of the priorities of the central banks and Arab monetary institutions, and what financial inclusion can contribute to enhancing the capabilities of Arab economies to face the current challenges and prepare for the post-crisis recovery phase.


He stressed the increasing interest shown by the central bankers and Arab monetary institutions to the work of the committees and work teams and the prominent role they play as a platform for dialogue and the transfer of knowledge and exchange of experiences and experiences between Arab countries regarding issues of financial inclusion ... and renewed his wishes that God protect our dear Arab countries and the world from this The epidemic and to quickly overcome the repercussions of this crisis.


The meeting aims to enhance dialogue and exchange of experiences on developing policies and tools related to improving financial inclusion in Arab countries, in order to reduce the effects of the virus on families, individuals, and micro, small and medium-sized companies, as well as discuss opportunities and challenges to enhance digital financial transformation in Arab countries using Mobile phone.


The meeting discussed emerging industry trends and the role of supervisory and regulatory agencies in the Arab countries in establishing an enabling environmental system of financial technologies and discussed policy considerations for expanding digital financial services for MSMEs in Arab countries.


The meeting discussed the appropriate mechanisms for the economic empowerment of vulnerable groups, by reviewing the pioneering experiences that have created hundreds of thousands of direct and indirect jobs.








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"ARAB MONETARY" DISCUSSES THE IMPLICATIONS OF CORONA FOR FINANCIAL SERVICES Empty THE ARAB MONETARY FUND ORGANIZES THE FOURTH "REMOTE" EXTRAORDINARY MEETING OF DIRECTORS OF FINANCIAL INCLUSION DEPARTMENTS, PAYMENT SYSTEMS AND FINANCIAL INFRASTRUCTURE IN CENTRAL BANKS AND ARAB MONETARY INSTITUTIONS ON THE IMPLICATIONS OF THE CORONA VIRU

Post by claud39 on Wed Jun 10, 2020 1:56 pm

THE ARAB MONETARY FUND ORGANIZES THE FOURTH "REMOTE" EXTRAORDINARY MEETING OF DIRECTORS OF FINANCIAL INCLUSION DEPARTMENTS, PAYMENT SYSTEMS AND FINANCIAL INFRASTRUCTURE IN CENTRAL BANKS AND ARAB MONETARY INSTITUTIONS ON THE IMPLICATIONS OF THE CORONA VIRUS ON FINANCIAL SERVICES


2020-06-09



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Tuesday, June 9, 2020

From 15:00 to 17:00 Abu Dhabi time

The meeting discusses:

Digital financial transformation through a mobile phone as a catalyst to recover from the epidemic

Working to integrate all groups of society in the digital age

Take advantage of digital financial technologies to enhance the resilience of small and medium enterprises in the Arab region

Economic empowerment of vulnerable groups

 

On the afternoon of Tuesday, June 9, 2020, the Arab Monetary Fund will organize the fourth extraordinary meeting from a distance to discuss the implications of the Corona virus on financial services and financial inclusion. Managers of financial inclusion departments, payment systems and digital financial infrastructure at central banks and Arab monetary institutions, in addition to the Arab Monetary Fund, which is responsible for the technical secretariat of the committees and work teams emanating from the Board of Governors of central banks and Arab monetary institutions, participate in the meeting. Representatives from regional and international institutions such as the International Monetary Fund and the World Bank, the German Development Agency, the Global Alliance for Financial Inclusion, the International Finance Corporation, the Islamic Development Bank, the European Investment Bank, and the French Development Agency, are also present at the meeting. The consultative Group to assist the poor ( ( CGAP )), The International Labor Organization, the United Nations Capital Development Fund, the International Mobile Network Association, and the Euro Claire Foundation, along with a number of global central banks, such as the German Central Bank, the Turkish Central Bank, the French Central Bank, and the Central Bank of West African States.
 



The holding of this meeting comes at a time when the Corona pandemic continues to spread worldwide, and the economic, social, financial and banking risks and ramifications are increasing. This resulted in additional pressures on core financial services, and clearly highlighted the importance of accelerating the transition to digital financial services and electronic payment applications and the need to continue efforts to enhance access to finance and financial services.
 



The meeting will contribute to enhancing dialogue and exchanging experiences on developing policies and tools related to improving financial inclusion in Arab countries, in order to reduce the effects of the virus on families, individuals, and micro, small and medium-sized companies, as well as discussing opportunities and challenges to promote digital financial transformation in Arab countries using a mobile phone, to Aside from touching on emerging industry trends and the role of supervisory and regulatory authorities in the Arab countries in establishing an enabling ecosystem of financial technologies, and discussing policy considerations to expand digital financial services to MSMEs in Arab countries. On the other hand, the meeting will discuss the appropriate mechanisms for the economic empowerment of vulnerable groups, by reviewing the pioneering experiences that have created hundreds of thousands of direct and indirect jobs.
 



On this occasion, His Excellency the Director General of the Chairman of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, indicated that the continuation of the extraordinary meetings comes to confirm that strengthening financial inclusion in the Arab countries is considered a priority for the central banks and Arab monetary institutions, and what can contribute It includes financial inclusion in enhancing the capabilities of Arab economies to face current challenges and prepare for the post-crisis recovery phase.



 His Excellency also affirmed the increasing interest shown by Excellencies and Governors of central banks and Arab monetary institutions for the work of the committees and work teams and the prominent role they play as a platform for dialogue, knowledge transfer and exchange of experiences and experiences between Arab countries regarding issues of financial inclusion. His Excellency renewed his hopes to save our dear Arab countries and the world from this epidemic, and to quickly overcome the repercussions of this crisis.  






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"ARAB MONETARY" DISCUSSES THE IMPLICATIONS OF CORONA FOR FINANCIAL SERVICES Empty THE ARAB MONETARY FUND PUBLISHES A BOOK ON "ECONOMIC STRATEGIC PLANNING AND FUTURE VISIONS IN THE ARAB COUNTRIES"

Post by claud39 on Wed Jun 10, 2020 2:00 pm

THE ARAB MONETARY FUND PUBLISHES A BOOK ON "ECONOMIC STRATEGIC PLANNING AND FUTURE VISIONS IN THE ARAB COUNTRIES"


 2020-06-09

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The Arab Monetary publishes a book on

Economic strategic planning and future visions in the Arab countries"

The strategic plans and future visions of Arab countries focus on digital transformation, enhancing the protection and resilience of Arab economies

The unfavorable global economic environment and the tight financial space are among the most important challenges facing the implementation of strategic plans in the Arab countries

The book presents the experience of strategic planning in the Arab countries in order to exchange experiences and expertise

 


Within the framework of its five-year strategy ( 2020-2025 ) and its vision for 2040, the Arab Monetary Fund has been studying the medium and long-term economic visions and plans for Arab countries with a view to identifying their future priorities to enhance the Fund's fulfillment of the aspirations of its member states. 

In this regard, the Fund issued a book on "Economic Strategic Planning and Future Visions in the Arab Countries". The book deals with the historical background of economic and strategic planning in the Arab countries that started in the fifties and sixties of the last century, in addition to the plans and modern strategic visions adopted by the Arab countries with the beginnings of the twenty-first century.

The book pointed out that each strategic plan has goals that it seeks to achieve, which may vary or are similar according to the economic structure of the country and the available resources. For example, the Arab oil exporting countries always strive to achieve tangible progress in the diversification of their economic structures, allowing them to address external and internal shocks, thus resorting to linking their strategic plans with goals related to digital transformations and knowledge economies. 

As for the level of Arab oil importers, strategic planning is always focused on increasing economic growth rates, achieving social justice through strengthening social safety net programs, and shifting to a knowledge and digital economy, which contributes to poverty alleviation and unemployment.

On the other hand, the book referred to the strategic plans pursued by the Arab countries at the sectoral and institutional levels, where he explained that this type of plan includes visions specific to some economic sectors or agencies operating in the state.

 For example, at the level of central banks, the priorities of strategic planning are to enhance financial inclusion, keep pace with modern technological developments, and enhance cyber security with a view to providing the necessary protection for users of banking technologies, building trust between them and digital financial service providers, maintaining the integrity and efficiency of national payment systems, and enhancing Financial consumer protection system, and the dissemination and deepening of the financial and banking culture.

On the other hand, strategic planning priorities are focused on the level of ministries of finance, in the structural correction of government finances, diversification of the public revenue structure, increasing the proceeds of non-oil revenues, achieving financial discipline and financial sustainability, improving public financial management, and digitizing government services, tax and customs procedures and departments in order to establish The pillars of financial and administrative governance, in addition to ensuring equal opportunities. 

On the other hand, Arab countries adopt a number of sectoral strategies covering the areas of social protection, human development, digital transformation, financial sector development, financial inclusion, small and medium-sized enterprise development, and strategies at the level of economic sectors such as the health sector and the agricultural sector.

The book also touched on the challenges facing the strategic planning process, as it indicated its disparity at the level of Arab countries. Nevertheless, the Arab countries share in the fact that the challenges of the international economic environment are among the most important challenges facing the strategic planning process in the Arab countries, and may sometimes even hinder reaching the goals included in this framework.

 A number of Arab countries also share challenges related to the need for capacity building at the level of strategic planning, follow-up and periodic evaluation of strategic plans and impact assessment, as well as the availability of sufficient statistical data to assess the progress of the performance of strategic plans.

Besides, some Arab countries face challenges related to exceptional internal conditions, which are not conducive to implementing strategies with ambitious goals. Likewise, challenges related to financing, especially long-term financing, are among the most important challenges facing Arab countries in light of the limited financial space available for the implementation of projects and reforms included in plans and strategic visions.

 Accordingly, many Arab countries resorted to encouraging the participation of the private sector in the implementation of strategic plans, either through partnership projects with it, or by seeking to adopt reforms to improve the investment environment and business climate.

In light of the foregoing, the book included a presentation of the experiences of Arab countries in the field of strategic planning and future economic visions, including the features of the current strategic plans, their goals, the authorities concerned with formulating and following up on their implementation, various financing mechanisms, indicators used to measure performance and impact, existing challenges, and a number of aspects Others related to strategic planning in the Arab countries, with the aim of enhancing the exchange of experiences and expertise between Arab countries in this field.





The full version of the book is available at this link














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