The annual report of the Arab Monetary Fund (AMF) is drawn up in terms of article 33 of the AMF's statutes. The report provides a summary of the AMF's activities and the financial position for the fiscal year ending 31 December 2020, in addition to the financial and technical support that the AMF provides to its member states. Abu Dhabi city, the capital of the UAE, is the permanent headquarters of the AMF.
According to the AMF statute, these powers cannot be transferred to another body of the fund. Arab Monetary Fund - Annual Report 2020 10 agreements at the top of the asset list. Their withdrawal requires informing the AMF about the implementation of the agreed reform programs.
Summary of the AMF's activities during the year 2020
Issuing a set of manuals and guiding principles
- General guidelines on how central banks should deal with the repercussions of the
- General guidelines on how central banks should deal with the repercussions of
- General procedures and guidelines for supervisory authorities' handling the
- Guiding principles on central bank strategies to support the post-Corona virus
- Principles of dealing with family businesses and systemically importance
- General guiding principles on how to abandon LIBOR and IBORs benchmark
- Guiding Principles on Cyber Security for Financial Infrastructure in Arab
- The guiding principles of digital identity and the electronic Know Your Customer
- Guiding principles for building national strategies for modern financial
- Guidelines on alternative financing models: developments and guidelines for
The principles emphasize the importance of adopting a strategic partnership between the central bank and the relevant bodies, the development of plans to ensure the continuity of the work of the core central systems, and the preparation of stress tests that assess the potential impact of natural disasters and climate change on the financial and banking sector. The principles also called for the study and analysis of the impact of the transition from energy-intensive products that contribute to increased carbon gas emissions to clean and renewable energy products, as well as the monitoring and assessment of 27. The AMF also intensified consultations. with policy makers in member states on the repercussions of the pandemic, the ways to confront it and for the recovery phase.
The principles also called for studying and analyzing the impact of the transition from energy-intensive products that contribute to increased carbon gas emissions to clean and renewable energy products, as well as monitoring and assessing. The principles emphasized the importance of training to develop the competences of young people, start-ups, executives of the financial institutions and the supervisory and regulatory authorities. The principles could work as complementarity to the operating system of alternative funding platforms, as well as the investor protection and financial awareness requirements in this regard.
Supporting Digital Financial Transformation
Keeping abreast of developments and challenges to face the repercussions of
The document presented an integrated view of the requirements for the transition to digital financial services, both in terms of policies and the environment that promotes their development in the Arab countries. The themes of the document included building partnerships with various regional and international financial institutions and international development agencies to support the digital financial transformation efforts in the Arab countries. The first issue of the journal dealt with the topic "Modern financial technology related to electronic payment in the retail sector".
During 2020, the AMF intensified consultations with Arab supervisory authorities on the implications of the Covid-19 pandemic for the financial and banking sector and the future of financial and banking services. The third meeting focused on the impact of the Covid-19 pandemic on the financial and banking sector in the Arab countries, the potential loss volume due to lower asset values or write-downs, and the expected impact on the safety and resilience of the banking system. systems. 34;maintaining the strength of the banking sector", and "the role of macroprudential policies in supporting other economic policies in the recovery phase".
Supporting financial and banking sector development policies through
Roles and Objectives" presented an analytical look at the banking crisis management system and the role of deposit guarantee institutions in Arab countries. A study entitled: "The impact of mutual economic relations on financial integration in the Arab Gulf region". "Competition banking and its role in supporting opportunities for access to finance in Arab countries", which addressed the determinants of banking competition in Arab countries, its effects on the level of financial inclusion, as well as highlighting.
A paper on "Implementation of Basel III Requirements for Sharia Compliant Banks in the Arab Countries" which aims to identify the current status of Islamic banks. A study, on "Determinants of non-performing loan ratio in the banking sector in the Arab countries", aimed to highlight asset quality determinants as one of the important indicators of bank strength and safety. It also provided an analytical framework that contributes to strengthening credit risk management in the banking sector in the Arab countries.
Launching the financial stability index in the Arab countries
Raising awareness of financial and banking terms
- Education sector: establishment of new schools, support to the Palestinian Student
- Health services sector: such as the establishing medical centers, building and
- Institutional and NGOs support sector
- Integrated rural development and economic empowerment sector: such as
- Protection and upgrading of historical buildings sector: such as the reconstruction
The two issues reflected developments related to the impact of the Covid-19 pandemic on the economy. 34; The implications of the emerging Corona virus on the aviation sector in the Arab countries and the policies to support recovery. The book contains a documentation of the operational frameworks and the latest developments on monetary policy reforms in the Arab countries.
AMF also participated in the session on financial inclusion issues, within the Intercontinental Regional Dialogue of the Bretton Woods Recovery Committee. In this regard, it intervened in the efforts of the AMF and the Arab governments to support the economic recovery from the Covid-19 pandemic. AMF is the Secretariat of the Council of Governors of Arab Central Banks and Monetary Authorities and its permanent office.
The AMF also serves as the technical secretariat for the Arab Financial Inclusion Task Force and the Financial Stability Task Force. The AMF also acts as the technical secretariat of the Arab Regional Financial Technology Working Group. Activities of the Secretariat of the Board of Governors of Arab Central Banks and Monetary Authorities.
Activities of the Task Force Secretariat for Financial Stability in Arab Countries. FSHM organized two meetings of the Task Force during 2020, with the participation of finance directors. AMF also organized two extraordinary meetings for the committee to discuss the consequences of the Covid-19 pandemic in the credit information industry.
The documents included three studies prepared by the AMF entitled "The role of financial markets in the financing of development and infrastructure projects in Arab countries", "Tax treatment of financial services and instruments" and "Social. progress in setting up the platform in 2020. AMF communicated on financial inclusion in Arab countries and the role and activities of AMF in supporting financial inclusion and digital transformation.
On the other hand, in connection with the initiative's framework efforts, the AMF sent technical missions in cooperation with the IMF to provide technical support to the Arab countries. The most important items in the fund's consolidated accounts are summarized below:
Organization and Management Structure
The Board of Governors consists of the Governor and Deputy Governor appointed by each member country of the Foundation, and the Board elects its chairman from among its members on a rotating basis. The Board of Directors is considered the foundation's general meeting and has all the administrative authorities. The foundation's board of directors meets annually in the first half of each year in or outside the country of headquarters.
Republic of Djibouti Governor: H.E Abdul Karim Adam Shir Deputy Governor: H.E Ahmed Osman Ali Kingdom of Saudi Arabia. The Board of Executive Directors consists of the Director General of the Fund as Chairman and eight non-resident members elected by the Board of Governors for a renewable term of three years. The Board is entrusted with the supervision of the Fund's activities and gives advice when deemed necessary.
The following table shows the composition of the Board of Executive Directors as at the end of December 2020. The above voting power is affected by the temporary suspension of the voting power of Somalia.
Executive management of the Fund
Appendixes
The Board of Governors appoints a Director General of the Fund for a renewable term of five years. The General Director of the Fund leads the meetings of the Board of Executive Directors. The Director General of the Fund is considered the Chief of the Fund's staff and responsible for all its operations.
He submits an annual report on the fund's operations to the Board of Directors at its ordinary annual meeting. The Director General is assisted in the implementation of the Foundation's activities by technical staff in several departments. In addition to departments, the organizational structure includes an internal audit office and a strategy and evaluation unit.
Five committees have also been established, two of which are permanent committees, namely the Loan and Investment Committees provided for in the Agreement establishing the Fund, in addition to the Administration Committee established on the basis of the Workers' Statute, approved by the Board of Directors Executive. , and approved by the Board of Governors, as well as the Risk Management Committee, in addition to the Audit and Risk Committee within the Board of Executive Directors. There are no changes to the number of historical contracted loans with retroactive effect, due to non-withdrawal. The Board of Governors of the Arab Monetary Fund had approved by resolution number (3) of 2013 the increase of the authorized share capital of the Fund by 600 million AAD, to become 1,200 million AAD.
The resolution also called for the subscription of AAD 300 million from Member States, half of which AAD 149.010 million to be paid by transfer from the general reserve and the remaining half by cash transfer from Member States in five annual installments starting in April. 2014 and the continuation of the consideration of the deferment of the payment of the Palestinian share in accordance with the decision of the committee number (7) of 1978.
Appendix (B-1): Capital at 31 December 2020
International and regional institutions The fund also offers courses and workshops, including IMF, World Trade Organization, Islamic Development Bank, Bundesbank, Bank of England, Bank for International Settlements, World Bank, German International Cooperation Agency, Islamic Financial Services Council, The Banque de France and the Japan Agency for International Cooperation (JICA).
ANNU AL REPOR T 2020
