H.E. Dr. Fahad M. Alturki
signs the Letter of Intent between the Arab Monetary Fund and the Palestinian government concerning the governance of the financial support program provided by the Kingdom of Saudi Arabia to the State of Palestine.
This initiative aims to support the Palestinian people by strengthening the economic situation to address current challenges.
The Arab Monetary Fund (AMF) hosts the 27th meeting of the Financial Inclusion Task Force (FITF) to promote financial inclusion, scheduled for October 30 and 31, 2024. This 2-day event brings together key stakeholders to discuss various pressing topics, including the role of central banks and payment service providers in advancing financial inclusion, improving cross-border remittance services through digital solutions, and implementing financial consumer protection measures to ensure financial system stability.
The meeting discusses policies and programs aimed at enhancing financial inclusion for youth, women, and underserved regions, and emphasizes the importance of digitizing government payments to increase access to financial services. Participants will review financial inclusion indicators in the Arab region and outline plans for the 2025 Arab Financial Inclusion Day.
H.E. Dr. Fahad M. Alturki, Director General Chairman of the Board of the Arab Monetary Fund, highlighted the significance of this meeting as an essential opportunity to enhance coordination among Arab countries in matters of financial inclusion.
433 Arab professionals participated in the programs and activities of the Arab Monetary Fund.
During the month of September 2024, a total of 433 Arab professionals took part in the activities and programs organized by the Training and Capacity Building Institute of the Arab Monetary Fund.
In September 2024, the Arab Monetary Fund organized 13 training courses in addition to a workshop as part of its ongoing mission to promote economic and financial stability, while enhancing the knowledge and skills of Arab professionals in various fields that support economic growth and sustainable development.
In collaboration with the Bill & Melinda Gates Foundation, Dr. Fahd M. Al-Turki, Director General Chairman of the Board, inaugurates the workshop for the launch of the Inclusive Instant Digital Payments Initiative today at the Fund's headquarters, in line with the Fund's strategic directions for capacity development and technical support to help enhance sustainable growth and build financial stability.
Arab Monetary Fund, Bahrain FinTech Bay
reinforce their cooperation to Drive Financial Innovation in the Arab region through knowledge sharing and skills development.
Dubai, UAE – The Arab Monetary Fund (AMF) and Bahrain FinTech Bay (BFB) today took steps to strengthen their partnership, by signing a Memorandum of Understanding (MOU) on the sidelines of Dubai Fintech Summit and the AMF Fintech events in Dubai, UAE. Under the MOU, the two institutions establish a comprehensive framework for collaboration, spanning various critical areas, and how best to leverage their respective comparative advantages to address their shared vision towards building a robust and agile fintech ecosystem and making digital financial services work for financial inclusion and stability across the Arab region. The (MOU) was signed by the HE Fahad Alturki, PhD, Director General Chairman of the Board of the Arab Monetary Fund and Mr. Bader Sater, the Chief Executive Officer of Bahrain FinTech Bay.
Arab Monetary Fund, Dubai International Financial Centre join forces to support financial development in the Arab region through technical advice and capacity development.
Dubai, UAE – The Arab Monetary Fund (AMF) and Dubai International Financial Centre (DIFC), the leading global financial hub in the MEASA region, strengthen their partnership by signing a Memorandum of Understanding (MOU) on the sidelines of Dubai FinTech Summit and the AMF Fintech events in Dubai, UAE. The agreement reaffirms the importance of collaboration and how best to leverage their respective core competencies and comparative advantages in driving financial sector development in the region, through the best use of the new technologies. The MOU was signed by the His Excellency Fahad Alturki, PhD, Director General Chairman of the Board of the Arab Monetary Fund (AMF) and His Excellency Essa Kazim, Governor, Dubai International Financial Centre (DIFC).
The issue of financial inclusion receives great attention from the Council of Arab Central Banks and Monetary Authorities’ Governors, in recognition of the potential and significant opportunities that can be achieved by enhancing access to financial services in Arab countries to support inclusive and sustainable economic development.
Hence, the authorities in the Arab region have given special attention to encouraging saving, by supporting the development of new saving products that suit the needs of individuals, improving the financial infrastructure, and expanding the reach of financial services to all community categories through digital financial services, which contributes to inclusive and sustainable economic development.
Accordingly, the 2024 Arab Day for Financial Inclusion is celebrated under the theme “Encouraging Saving to Enhance Financial Inclusion”. In this context, it is important for the authorities to establish regulatory frameworks that provide fairness and protection for the saver in a way that enhances saving, and for the financial and banking sector to take the initiative to enhance the culture of saving and raise awareness of its importance in enhancing the financial independence of individuals, and to develop innovative financial products that suit the needs of all community categories and encourage them to save.
The way public debt affects economic growth in the Arab region is heterogeneous and depends on the country's income level group.
For middle- and high-income Arab countries, public debt helps improve long-term growth with a very limited impact in the short term.
The Arab Monetary Fund (AMF) has published an economic study titled "Public debt and economic growth in Arab countries: structural or short-term benefits?”. This research covers twenty-one Arab countries between 1990 and 2021. It investigates if the public debt improves production capacities and long-term growth in the Arab region or if its effects are limited in the short run.
Key findings reveal that public debt helps improve long-term growth with a very limited impact on the short term. This conclusion is valid mainly for middle—and high-income Arab countries. At the same time, there is no evidence that public debt helps low-income Arab countries improve their economic growth in the short or long term. A common finding for all groups is the lack of efficiency of the Arab countries' public debt in terms of investment, with a much smaller total investment improvement compared to the debt increase.
The Arab region is one of the regions most heavily impacted by worldwide climate changes.
Major Contributors: Increased CO2 levels and land cover changes mainly drive climate-related economic impacts.
The Arab Monetary Fund (AMF) has published an economic study titled "Climate Change and Economic Growth in Arab Countries”. This comprehensive research investigates the impact of climate change on the economic prosperity of twelve Arab countries from 2010 to 2019, using advanced econometric models to analyze data on surface temperature, carbon dioxide concentrations, land cover changes, and annual precipitation.
Key findings reveal that climate change hampers economic growth in the region, with carbon dioxide levels and land cover changes identified as major contributing factors. The study underscores the urgent need for Arab nations to adopt and implement robust policies and strategies to mitigate the adverse effects of climate change to ensure sustainable economic growth.
This 3-days event will bring together the financial community to drive financial inclusion and promote collaboration and innovation
Abu Dhabi, February 26, 2024: The Arab Payment Week (APW), which is scheduled on February 26-28, 2024, provides a platform for policymakers, regulators, and payment system practitioners to convene and exchange insights on developing and strengthening domestic and cross-border payment innovation and practices.
With a focus on cooperation opportunities, the APW will drive innovation and promote broader adoption of digital financial services to shape the future of payments in the Arab region and beyond.