The Fund keeps delivering on the strategy it has adopted to be the closest partner to the Arab countries
The Fund granted three additional loans to Arab countries in 2022 totaling around 120 million Arab dinars, or about 478.5 million dollars, to support emergency funding needs and the implementation of economic and financial reforms
In 2022, the Fund offered 62 training courses for Arab cadres, benefiting 1,850 participants.
The AMF supports Arab nations' attempts to attain carbon neutrality and manage climate change threats including through the circular carbon economy, given its economic significance
The Fund organized the meetings of the governors of Arab central banks and monetary institutions and the meetings of Arab committees and task forces in various fields
The Fund has paid particular attention to initiatives aimed at increasing the use of financial technologies in the economic, financial, and banking sectors as well as building Arab countries' capacities to use them and gain from global experiences in this area
The Fund published 69 publications in 2022, including, reports, working papers, research studies, statistical bulletins, books, and manuals
Launching the initiative to pay the salaries of Iraqi retirees residing in the Arab countries through Buna's payment platform
UAE dirham accounts for 73% of transfers made through Buna, the Arab payment platform.
The Arab Monetary Fund (AMF) launched its 2022 annual activity report, which was approved by the Board of Governors of the Arab Monetary Fund after reviewing the Fund's efforts in providing financial and technical support to enhance economic and financial stability and achieve inclusive and sustainable growth in its member countries.
The report details the activities and financial position of the Fund for the fiscal year that ended on December 31, 2022, as well as the financial and technical assistance it gave to its member countries through lending activities, direct and indirect technical assistance, advice, and contributions to studies, reports, bulletins, books, and booklets. It also outlines the seminars, workshops, and training courses delivered by the Fund Training Institute to strengthen and expand the capacities of official Arab cadres in central banks, ministries of finance, economy, trade, and national statistical organizations.
The report also emphasized the AMF's 2022 initiatives to assist its member countries as they deal with the unfavorable effects on the global stage, the detrimental impacts on supply chains, and the increase in the prices of essential commodities on global markets, particularly energy and food items.
The report also highlighted the AMF's agenda, which considers helping Arab countries' economic officials at the top of the list and focusing on policies that directly support comprehensive and sustainable economic development.
The report also detailed the Fund's initiatives to broaden financial inclusion, assist relevant Arab supervisory bodies in developing the financial sector, and take full advantage of opportunities provided by contemporary financial technologies to improve the efficiency of financial services and access to finance.
In this regard, the Board of Governors of the Fund evaluated the efforts made in lending activity to member countries in 2022. In 2022 the Fund approved three loans amounting to 120 million Arab Accounting Dinar (AAD), or roughly 478.5 million dollars, to support the balance of payments and economic reform initiatives in various countries. It also approved the disbursement of amounts for already existing reform programs.
The Board also reviewed the Fund's ongoing efforts to support and aid economic policymakers in Arab countries during 2022 through its publications activities (69 publications), including reports, working papers, research and studies, statistical bulletins, books, booklets, and guides, including 17 introductory booklets, aimed at raising economic and financial awareness among Arab youth.
The Board was also briefed on the Fund's work in the area of training programs and activities aimed at building capacities in official institutions in the member countries, where 62 training courses were delivered in 2022, benefiting 1,850 participants from Arab.
The report reflected the Fund's activities related to its efforts to develop the financial and banking sectors in Arab countries. These efforts centered on boosting the region's financial stability and supporting the sharing of knowledge and expertise to meet the sector's challenges posed by regional and global developments.
The Board was briefed on the Fund's efforts during 2022 to strengthen its crucial role as a platform for dialogue and consultation among policymakers in member countries on the economic and financial challenges and exchange experiences on sound policies. This was done at the level of the Council of Governors of Arab Central Banks and Monetary Authorities and the Council of Arab Ministers of Finance. In this regard, the Fund organized in 2022 the meetings of the two councils, committees, and task forces that arose from them, in addition to several workshops and dialogue forums organized with the involvement of several regional and international financial institutions. The Fund, on the other hand, organized a number of high-level meetings for the governors, deputy governors, and undersecretaries of the finance ministries in the Arab Countries.
The Fund continued in 2022 to follow its conservative investment policy and strategy in managing the funds and investment portfolio risks, which helped to protect the invested capital and to generate positive returns. The Fund uses its resources and accepts deposits from member countries as part of its investment activities. The Fund continued to use Basel III Accord to assess the risks associated with this activity. It also continued to manage part of the Arab Trade Finance Program's funds and those of the Arab specialized institutions and to monitor these institutions’ assets managed by external parties to ensure that investment policies are in line with their investment plans and strategies.
The report also detailed the Fund's efforts to support opportunities for Arab economic integration, facilitate Arab payments, and maintain connections with the major Arab trading partners, whether through the Trade Finance Program's initiatives to promote Arab trade flows or the maintenance of the Regional Clearing and Settlement Corporation for Arab Payments "Buna" framework.
Through the Arab Trade Financing Program, the Fund continued to provide information, promote Arab goods and commodities, and provide part of the funding required for this trade as part of its contributions to support the growth of Arab trade and boost the competitiveness of Arab exporters. The program funded 19.9 billion US dollars' worth of commercial transactions in 2022, whereas 19.2 billion US dollars' worth of withdrawals were made during that same year.
The year 2022 saw the completion of all operations and management-related steps for the "BUNA" platform for Arab payments, as well as the establishment of the Regional Corporation for Clearing and Settlement of Arab Payments' Supervisory Committee, made up of the central banks of eligible currencies and the Corporation's Board of Directors. The platform’s operation continued to increase in 2022. According to the report, around 73.3 percent of the transactions made in 2022 were in UAE dirhams, 24.9 percent were in Egyptian pounds, 1.4 percent were in Saudi riyals, and 0.3 percent were in US dollars.
The full version of the report is available on this link