The Arab Monetary Fund (AMF) and The State Bank of Pakistan (SBP) Sign a Memorandum of Understanding (MoU) to Facilitate Cross-border Remittances between the Arab region and Pakistan.

The MoU aims to create cross-border interlinking via Buna and Raast the respective instant payment systems of the Arab region and Pakistan.

This arrangement will help achieve greater financial inclusion and strengthen economic, financial, and investment ties between the Arab region and Pakistan.

Abu Dhabi, November 3, 2024: In a ceremony hosted by the Arab Monetary Fund (AMF), H.E Dr. Abdulrahman Abdullah Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund (AMF), and H.E Mr. Jameel Ahmad, Governor of the State Bank of Pakistan, signed today a Memorandum of Understanding (MoU). The MoU is signed to establish a framework of cooperation between Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by AMF, and Raast, Pakistan’s Instant Payment System. 

The integration of Raast with Buna aims to facilitate Cross-border Remittances between the Arab region and Pakistan through formal channels. This initiative will benefit individuals as well as businesses not only through instant, safe and cost-effective cross border payments, but also by strengthening economic, financial, and investment ties between the Arab countries and Pakistan. 

 

Buna Welcomes CPMI’s Publication on Harmonized ISO 20022 Data Requirements for Cross-Border Payments

Buna has been natively ISO 20022 compliant and welcomes this additional level of harmonization that will support its interlinking initiatives and smoother cross-border payment 

Abu Dhabi, October 27, 2023: Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, which is owned by the Arab Monetary Fund, welcomes the recent publication of the report by the Committee on Payments and Market Infrastructures (CPMI) regarding harmonized ISO 20022 data requirements for cross-border payments that will facilitate global collaboration to enhance cross-border payments. 

The Arab Monetary Fund publishes an economic study about: “Fiscal sustainability: An empirical analysis for Arab countries”

The fiscal sustainability of Arab countries has been significantly challenged by the COVID-19 pandemic.

A uni-directional causal relationship exists where government revenue leads to expenditure, affirming the revenue–spend hypothesis.

The Arab Monetary Fund published a study on "Fiscal sustainability in Arab countries". The study aims to shed light on the relationship between government revenue and government expenditure. The study analyses fiscal sustainability and the causal link between government revenue and expenditure for the period from 1990 to 2021 in a sample of Arab countries.

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