May 18, 2022

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Emirates News Agency – “Arab Currency” offers 5 loans worth $ 623 million by 2021

– Complete the establishment and implementation of the “Punna” site for Arab payments and the addition of major Arab and international currencies.

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Abu Dhabi, 10 April / WAM / 2021 The Arab Monetary Fund has released its annual report on its activities, which was approved by the Fund’s Board of Governors after reviewing its efforts to improve financial and financial stability and provide financial and technical support to achieve this. Extensive and sustainable development in its member countries.

Functional and financial status of the fund for the financial year ending December 31, 2021, including lending activities, financial and technical support to its member countries through direct and indirect technical assistance and consulting and its contributions in the field. Finance, Monetary and Statistics in the fields of research, reports, publications, books and publications and economics.

The report also covers the activities of the Fund aimed at developing and enhancing the capabilities of the official Arab staff at the Central Banks, Ministries of Finance, Economics and Trade and National Statistics Centers through seminars, workshops and training classes organized by the Fund.

The report highlights the fund’s efforts to support its member states in the aftermath of the COVID-19 epidemic in 2021 and to support their efforts in the recovery phase.

The report covers the activities of the fund aimed at increasing the size of the financial content, supporting the efforts of the supervisory authorities in the Arab countries to improve the financial sector and maximizing the benefits of the opportunities offered by modern financial technologies. Performance of financial services and opportunities for access to finance.

In this context, the Fund’s Board of Governors was briefed on the initiatives taken in the field of lending to member countries in 2021, the strategic objectives, plans and activities set out to achieve them and the exceptional circumstances imposed by Govt. The -19 epidemic crisis that year, the fund agreed to provide 5 loans equivalent to $ 623 million to 148 million Arab arithmetic dinars.

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The fund also agreed to repay loans previously made to its member states based on the implementation of reform programs backed by those loans.

The Fund’s ongoing efforts to support and assist decision-makers and economic policymakers in the Arab world by 2021 were explained to the Board through a number of publications, including 82 publications, including reports, work papers, research and research, and statistics. It has dealt with issues and topics related to the development of the finance and banking sector and financial stability in the Arab world, including bulletins, books, publications and guides, 28 publications. The publications also included 19 introductory brochures aimed at raising the economic and financial awareness of Arab youth.

The Board was also briefed on the Fund’s efforts in implementing its training programs and activities aimed at enhancing the human capabilities of working in official organizations in member countries where 52 training classes were conducted, benefiting approximately 1521 participants from Arab official skills.

At the level of measures to improve the finance and banking sector in the Arab world, the report reviewed the activities of the revolving fund in strengthening the elements of financial stability in the Arab world and providing opportunities for the exchange of experience and expertise and the transfer of knowledge. , As funding intensifies in 2021, he will consult with policymakers in member countries on the implications of the epidemic in dealing with the challenges posed by the Kovit-19 epidemic in this sector. He has worked on improving knowledge about financial stability issues and publishing numerous guidelines and reference documents aimed at supporting digital financial transformation in the Arab world.

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At the Council level, the Board of Governors of the Arab Central Banks and Monetary Institutions and the Arab Finance Ministers briefed the Council on the Fund’s initiatives by 2021, with the aim of strengthening its key role as a platform for dialogue and consultation. Policymakers in member countries exchanging experiences on economic and financial implications and relevant policies.

In this regard, in 2021, the two councils organized group meetings, committees and working group meetings, in addition, several workshops and dialogue forums organized with numerous regional and international participation. Financial Institutions and Structures. At the relevant level, the Fund has organized several high-level meetings for Governors, Deputy Governors and Finance Ministers in the Arab world.

Among the achievements included in the Annual Report are the Funds’ efforts to operate the “Puna” platform for the signing of the Agreements for the Headquarters of the United Arab Emirates, the issuance of the Federal Order confirming the Agreement, the Product Compliance Policy Framework, and the Development of the Technical System to Acquire and Operate the Software Necessary for the Organization to verify compliance. The US team is the world’s first regional payment platform for providing services, with banks participating in the site introducing new additions and applications to the technology system, completing procedures for adding US dollars and launching settlement and settlement services in US dollars. Completion of Euro Addition Procedures and launch of Site and Solution Services platform.

On the other hand, in 2021, the Board discussed the progress of investment activities, following the approach of adopting a conservative investment policy and strategy in managing the finances and risks of the investment portfolios. Achieve positive returns. The operation of the investment fund includes the use of its own resources, the acceptance and investment of deposits from member countries, the maintenance of high-level balances for this activity, and the continued use of Basel III decisions to manage the risks of this operation.

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On the other hand, the Fund continued its activities by directly managing investments for a portion of the Arab Trade Fund program and overseeing the accumulation of funds in the consolidated accounts of specialized Arab organizations, as well as overseeing the area managed by outsiders. In accordance with the respective investment policies and strategies.

In connection with the Fund’s contributions to the growth of Arab trade and the promotion of Arab exporters, the Fund continued to promote Arab goods and products through the Arab Trade Funding Program in 2021 and to provide a portion of the necessary funding. For this business and its dealers.

The value of business contracts funded by the program in 2021 was $ 1,403 million, and the value of withdrawals in the aforementioned year was $ 1,012 million.

The report covers the activities of the Fund to support opportunities for Arab economic integration, to liaise with key trading partners in the Arab world, and through the efforts of the Trade Fund program to promote or pursue Arab trade flows. “Builds” Arab payments Work within the framework of the regional agency for settlement and settlement.