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Arab Monetary Fund And The UAE Discuss Means To Strengthen Bilateral Ties

World Affairs – Finance

Open Eyes Opinion {source: WAM}

Obaid Humaid Al Tayer reviews AMF’s latest developments and agenda of Joint Annual Meeting of the Arab Financial Institutions

Abu Dhabi, March, 2015 — Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and Dr. Abdulrahman Bin Abdullah Al-Hamidi, Director-General and Chairman of the Arab Monetary Fund, AMF, have discussed means of strengthening bilateral ties and joint work between the UAE and other Arab countries through the AMF.

This came during their meeting at the Ministry’s premises in Abu Dhabi, which was also attended by Khalid Ali Al Bustani, Assistant Under-Secretary of the International Financial Relations Sector at the Ministry of Finance, MoF, and Ali Hamdan Ahmed, Director of the International and Regional Financial Organisations Department at MoF.

The meeting between the two parties involved discussions about the agenda of the Joint Annual Meeting of the Arab Financial Institutions, taking place next month in Kuwait.

The UAE will be leading the 38th Meeting of the Board of Governors of the AMF. The two parties also discussed the agenda of the Sixth Ordinary Session of the Council of Arab Ministers of Finance, which will be held alongside the annual joint Arab Financial Institutions meeting. The session will discuss the council’s work processes and future steps towards further supporting economic development in Arab countries.

Al Tayer reviewed the AMF’s 2015-2020 strategic plan, which aims to expand the AMF’s activities and initiatives, through strengthening the fund’s role in supporting financial, economic and monetary integration across Arab countries and positioning it as a centre of knowledge, experience, technical support and capacity building.

Dr. Al-Hamidi also stressed the importance of the fund’s corporate governance report, which will support the implementation of internationally recognised principles and standards.

The Minister of State for Financial Affairs emphasised the AMF’s role in helping Arab countries to achieve their social, economic and development goals, implement reforms across economic, financial and monetary sectors and contribute to eliminating unemployment and encouraging trade in Arab countries in the region.

He also highlighted the UAE’s commitment to enhance joint economic cooperation with different Arab countries, as well as support and develop the fund’s operations.

Based in Abu Dhabi, the fund has offered 170 loans worth 1.76 billion Arab Accounting Dinars since its establishment, which is the equivalent to US$7.6 billion. 14 member states of the fund have benefited from these loans.

The UAE is considered one of the key contributors to the AMF’s capital, having provided 900 billion Arab Accounting Dinars, which represents 5.88% of the total subscribed capital.

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