KTFA: Sir: Good morning KTFA IMO-This is a great article to start the week off, “which should prove to be a truly eventful week” Can you smell what this article is all about? I smell a debt jubilee in the air and it’s has to be world wide.. Happy Monday all..
Samson: The Director General, Chairman Of The Board Of Directors, Delivers A Speech At The Opening Of The Meeting Of The Forty-Sixth Session Of The Council Of Governors Of Arab Central Banks And Monetary Institutions
19th September, 2022
His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund
Delivering a speech at the opening of the meeting of the forty-sixth session of the Council of Governors of Arab Central Banks and Monetary Institutions
The inflationary wave, the risks of stagflation, food security challenges, high commodity prices, fluctuations in global supply chains and climate change are the most prominent risks facing the global economy
It is estimated that the Arab economies will achieve a growth rate of about 5.4 and 4.0 percent in 2022 and 2023, respectively, while the inflation rate is estimated to reach about 7.6 percent and 7.1 percent during these two years.
The growth paths in the Arab countries have been affected by developments related to the continuation of the procedures, arrangements and financial packages to contain the repercussions resulting from the Corona pandemic, the effects resulting from the current global developments on Arab economies, and the expected course of macroeconomic policies, especially monetary policy
17.8 percent, the average capital adequacy ratio for Arab banks, and the ratio of coverage of loan provisions to the total non-performing loans of Arab banks amounted to about 91.1 percent at the end of 2021
$2.25 billion, the value of loans provided by the Arab Monetary Fund from 2020 until the end of the first half of 2022
11.3 percent unemployment rate, and $756.2 billion public debt in Arab countries
The Fund has issued a number of guides and guiding principles to help Arab countries adopt appropriate policies
The construction of the Buna platform for inter-Arab payments has been completed
His Excellency Dr. Abdulrahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, delivered a speech at the opening of the forty-sixth session of the Council of Governors of Arab Central Banks and Monetary Institutions, which was held this year in Jeddah, Kingdom of Saudi Arabia under the kind patronage of the Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud, may God protect him and protect him.
The meeting was attended by their Excellencies, governors of Arab central banks and monetary institutions, as well as senior officials from the International Monetary Fund and the Bank for International Settlements.
His Excellency Dr. Al-Hamidi warned that the global economy may face major challenges related to the risks of stagflation, the repercussions of climate change, food security challenges, high commodity prices and fluctuations in global supply chains, which resulted in a reassessment of the global economy.
His Excellency indicated that the global economy is estimated to achieve a growth rate of 3.2 and 2.9 percent for 2022 and 2023, respectively, which are estimates. It is less than previous expectations, indicating that this reduction came as a result of the uncertainty and the global developments that will result and the possibility of entering into the so-called stagflation state. With regard to the Arab countries, His Excellency indicated that, according to the estimates of the Arab Monetary Fund, Arab economies will achieve growth of about 5.4 and 4.0 percent in 2022 and 2023, respectively.
With regard to the current inflationary wave, His Excellency referred to the rise in the global inflation rate, to reach 8.3 percent in 2022 and 5.7 percent in 2023, pointing out that the Arab Monetary Fund expects the Arab countries as a group to record a relatively high inflation level during 2022 and 2023, reaching about 7.6 percent and 7.1 percent, respectively, in light of the continuation of the current international developments.
On the other hand, His Excellency Dr. Al-Hamidi praised the efforts of Arab central banks in controlling the conditions of the financial and banking sector and enhancing its safety, noting that it is not expected that there will be a fundamental impact of high interest rates on monetary policy tools, on the ability of the Arab banking sector to lend. The indicators of the financial strength of the banking sector in the Arab countries achieved good results in 2021. In terms of capital adequacy, the average ratio in the Arab region reached about 17.8 percent at the end of 2021, which indicates that the Arab banking sector enjoys a high solvency, which enhances its ability to absorb potential losses, while the ratio of liquid assets to the total assets of this sector was about 32.7 percent. The ratio of coverage of loan provisions to the total non-performing loans of Arab banks reached about 91.1 percent at the end of 2021.
His Excellency Dr. Al-Hamidi indicated that the growth paths in the Arab countries are affected by three main factors, namely: developments related to the continuation of work with procedures, arrangements and financial packages to contain the repercussions resulting from the Corona pandemic, and the effects resulting from the current global developments on Arab economies, in addition to the expected path of macroeconomic policies in particular, monetary policy.
His Excellency referred to the most prominent economic challenges facing the Arab countries at this stage, which are represented in the high rates of inflation and the unemployment rate, which recorded about 11.3 percent, which is equivalent to double the global average, in addition to the challenge related to the increasing rates of indebtedness in light of the rise in debt levels.
The year in the wake of the pandemic, indicating that the value of the public debt amounted to about $756.2 billion, representing about 107.3 percent of the gross domestic product of the borrowing Arab countries.
On the other hand, His Excellency stressed the importance of the Arab governments’ orientation towards accelerating the efforts of digital transformation and the transformation towards a knowledge economy, pointing out that the countries that were able to quickly recover from the repercussions of the crisis and deal with its repercussions effectively and efficiently were represented in the Arab countries with the highest levels of digital readiness.
His Excellency Dr. Al-Hamidi praised the great efforts made by the committees and work teams emanating from the Board of Governors of Arab Central Banks and Monetary Institutions in addressing topics and issues of importance, developments and developments related to the priorities of Arab central banks, in a manner that enhances opportunities for exchanging expertise and experiences and transferring knowledge. His Excellency also praised the remarkable progress in the fifth edition of the Financial Stability Report in the Arab Countries for the year 2022, and its new chapters.
On the other hand, His Excellency the Director General and Chairman of the Board of Directors stressed the Fund’s keenness to respond quickly to the needs of Arab countries in light of the repercussions of the Corona pandemic, indicating in this regard that the Fund met borrowing requests as quickly as possible, noting that financial resources were provided to a number of member countries in the form new loans, or withdraw existing loans, to face the current economic and financial repercussions, through the application of the framework of quick procedures, which enabled the borrowing member states to benefit from these resources as quickly as possible, indicating in this regard that the total volume of resources provided by the Fund since 2020 until the end of the first half of 2022, it amounted to about 2.25 billion US dollars.
In the same context, His Excellency Dr. Al-Hamidi indicated that the Fund has intensified its efforts in organizing consultative meetings, exchanging experiences and expertise, and preparing reports and studies on current developments and prospects for Arab economies, indicating in this regard that the Fund has organized a large number of consultative meetings, with the participation of many institutions and frameworks regional and international, with the aim of consulting on existing issues and priorities in the Arab countries to support opportunities for financial stability.
In a related context, and in the context of strengthening the Fund’s response to the challenges of the current crisis and providing advice to member states, His Excellency the Director General and Chairman of the Board of Directors of the Arab Monetary Fund indicated that the Fund will continue to issue a number of guides and guiding principles aimed at helping Arab countries adopt appropriate economic and financial policies.
In another context, His Excellency Dr. Al-Hamidi pointed out that the Arab Monetary Fund has completed the establishment of the “Bunni” platform for Arab payments, which provides payment and settlement services in Arab and international currencies, noting that the “Bunni” platform enjoys wide international acceptance and has become a model for compatibility with the directions of the Group of Twenty to promote The efficiency and integrity of cross-border payment and transfer transactions to serve the purposes of enhancing financial flows and supporting financial integrity and stability.
In conclusion, His Excellency Dr. Al-Hamidi renewed his gratitude to the King, Government and people of the Kingdom of Saudi Arabia for hosting the meeting, to the Custodian of the Two Holy Mosques and his trusted Crown Prince for the generous sponsorship of the meeting, and to His Excellency Dr. Fahd bin Abdullah Al Mubarak, Governor of the Central Bank of Saudi Arabia for his cooperation and his colleagues in the bank in preparing for the meeting and providing the requirements his success.
His Excellency also valued the efforts of the United Arab Emirates, the headquarters country of the Fund, in the great care and support it provides as the headquarters country of the Arab Monetary Fund, which undoubtedly contributes to the Fund’s carrying out the tasks entrusted to it. His Excellency the Director General also thanked their Excellencies, Governors of Arab Central Banks and Monetary Institutions, for their support of the Fund and the Council’s activities.
~~~~~~~~~~~
Speech of His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, at the opening meeting of the forty-sixth session of the Board of Governors of Arab Central Banks and Monetary Institutions:
His Excellency Dr. Fahd bin Abdullah Al Mubarak, Governor of the Central Bank of Saudi Arabia,
His Excellency Dr. Marouane Abbasi, Governor of the Central Bank of Tunisia, Chairman of the current session of the Council,
Excellencies, Excellencies,
Ladies and gentlemen,
May God bless you with a good morning,
I am pleased to speak to your honorable assembly on the occasion of the annual meeting of the forty-sixth session of the Council of Governors of Arab Central Banks and Monetary Institutions. At the beginning of my speech, I would like to extend my sincere thanks and gratitude to the Kingdom of Saudi Arabia, the King, the government and the people for hosting this important Arab economic, financial and banking forum. He also expressed sincere gratitude and gratitude to the Custodian of the Two Holy Mosques and his trusted Crown Prince for kindly sponsoring the meeting. Of course, on this occasion, I cannot fail to express my sincere appreciation to His Excellency Dr. Fahd bin Abdullah Al Mubarak, Governor of the Central Bank of Saudi Arabia for his generous initiative in calling for hosting the meeting and for his great contributions to the work of the Council, and thanks to his colleagues in the Central Bank of Saudi Arabia for their cooperation and efforts in preparing and organizing to ensure the success of This important meeting.
~~~~~~~~~~~
Your Excellencies,
Dear Sisters and Brothers,
Expectations indicate that the global economy, according to recent estimates by international financial institutions, will achieve a growth rate of about 3.2 percent for 2022 and 2.9 percent for 2023, after those estimates were relatively optimistic at the beginning of the year, about 3.5 percent and 4.4 percent, respectively. This reduction in expectations reflects the state of uncertainty, the outcome of global developments, and the possibility of the global economy entering a phase of so-called stagflation. The latest estimates indicate a rise in the global inflation rate, to reach about 8.3 percent in 2022 and 5.7 percent in 2023, compared to 3.2 percent and 4.7 percent in 2020 and 2021, respectively.
It is no secret to you that the global economy is also witnessing developments and the attendant challenges related to food security, rapid rise in commodity prices and fluctuations in global supply chains and their impact on inflation rates, which resulted in a re-evaluation of the global economy.
As you know, the inflationary wave is making it difficult for the trends and options available to central banks around the world, which are still struggling to support economic growth, which is already affected by the repercussions and developments of the Corona pandemic. In this context, central banks were forced to adopt contractionary monetary policies at a time when economic recovery is still dependent on monetary stimulus in light of the inability of governments, especially in developing countries, to continue support using fiscal policy tools, because of the repercussions on fiscal discipline. and financial sustainability.
Although gradually raising interest rates on monetary policy tools is a natural and expected thing to address inflation, especially since interest rates were already low, it requires a holistic view of policies that achieve balance to stimulate economic growth on the one hand, reduce inflation and maintain the safety and stability of the sector finance on the other hand. Therefore, the central banks’ actions by following a prudent monetary policy with coordination with the fiscal and macroprudential policy and the adoption of government programs to support the various economic sectors represent an important way to maintain economic balance, taking into account the risks and challenges of the current global developments.
~~~~~~~~~~
Your Excellencies,
Dear Sisters and Brothers,
Perhaps it is appropriate to commend, in this context, the efforts of Arab central banks in controlling the conditions of the financial and banking sector and enhancing its safety, as it is not expected that there will be a fundamental impact of high interest rates on monetary policy tools, on the ability of the Arab banking sector to lend, as safety indicators revealed the financial adequacy of the Arab countries indicates that the levels of capital and liquidity adequacy are high in the Arab banking sector and are higher than the minimum limits established by Basel III decisions)
Where the average capital adequacy ratio for the banking sector in the Arab countries was about 17.8 percent by the end of 2021, while the ratio of liquid assets to the total assets of this sector reached about 32.7 percent at the end of the same period. It was also added that the ratio of coverage of loan provisions to the total non-performing loans of Arab banks amounted to about 91.1 percent at the end of 2021.
These good figures reflect the efforts undertaken and undertaken by Arab central banks to enhance the robustness and safety of the banking sector performance indicators, and to develop legislation, policies and precautionary measures.
In this context, the Arab central banks, during the Corona pandemic, reduced the margin of the conservative capital, the liquidity coverage ratios, and the net stable financing to support monetary policy decisions and provide additional liquidity to the banking sector. Its studies have concluded that banks are able to submit to capital and liquidity adequacy requirements as they were applied before the pandemic, without prejudice to their role or affecting their liquidity levels, in light of the availability of sufficient time to meet the regulatory requirements for liquidity.
Your Excellencies,
Dear Sisters and Brothers,
The estimates of the Arab Monetary Fund indicate that the growth paths in the Arab countries are currently affected by three main factors, including: developments related to the continuation of work with procedures, arrangements and financial packages to contain the repercussions resulting from the Corona pandemic, and the effects resulting from the current global developments on Arab economies, in addition to the expected path of macroeconomic policies. Especially monetary policy.
According to the estimates of the Arab Monetary Fund, the growth rate of Arab economies is expected to rise in 2022 to record about 5.4 percent, compared to the rate of 3.5 percent recorded in 2021, driven by many factors, foremost of which is the relative improvement in global demand levels, and high rates of the growth of the oil and gas sectors, and the continuation of Arab governments to adopt stimulus packages to support economic recovery. While the pace of economic growth for Arab countries is expected to decline in 2023, to record about 4.0 percent, in line with the decline in the global economic growth rate, the expected decline in commodity prices, and the impact of the gradual withdrawal from expansionary fiscal and monetary policies that support the aggregate demand side.
As you know, most Arab countries have been affected by global inflationary pressures as a result of many factors. According to the estimates of the Arab Monetary Fund, the inflation rate in the Arab countries as a group is expected to record a relatively high level during 2022 and 2023 at about 7.6 percent and 7.1 percent, respectively, in the continuation of the current international developments that lead to a continuous rise in the price level in the markets of basic materials and energy. It is no secret to you that a number of Arab countries with lower levels of self-sufficiency have been more affected by the current global inflationary wave, which casts a shadow over food security challenges.
~~~~~~~~~~
Your Excellencies,
Dear Sisters and Brothers,
The Arab countries, like other countries at this stage, are facing economic challenges that require exerting a lot of effort and moving towards adopting policies that help support the requirements of achieving the desired economic growth and achieving levels of economic and social development that achieve the aspirations of peoples.
Perhaps the most important of these challenges, besides the relatively high rates of inflation, as we have mentioned, are constantly emerging challenges of unemployment in the Arab region, which records about 11.3 percent, which is almost double the global average according to the data of the World Bank. The biggest challenge in this context is the concentration of unemployment rates in the category of young people, as youth unemployment in the Arab region rises to 33.0 percent, compared to 15.6 percent for the global average of youth unemployment.
On the other hand, the challenge of increasing debt rates in particular is also among the most important challenges facing our Arab economies in light of the rise in public debt levels in the wake of the pandemic, which amounted to about $ 756.2 billion, representing about 107.3 percent of GDP. For Arab borrowing countries at the end of 2021. The importance of containing the public debt tracks and enhancing its movement at sustainable levels, especially in the wake of the pressures imposed by the spread of the Corona pandemic on the financial conditions in Arab countries, is highlighted here. This requires a vigorous effort by the authorities in the Arab countries to fine-tune the considerations of continuing to support economic recovery, and considerations of restoring financial balances and moving towards more sustainable paths of public debt.
In addition, dealing with food security risks as a result of high food commodity prices and challenges in food supply chains, and the economic, financial and social repercussions in this regard.
In addition to the above, there is an urgent need to enhance the ability of Arab economies to increase levels of economic resilience to meet any potential economic challenges. Perhaps the Arab countries’ continuation of structural and institutional reforms is an urgent necessity dictated by the current economic developments more than ever.
The economic structures of the Arab countries need to witness structural reforms that restore the role of major economic sectors such as the agriculture and industry sectors, which past and current experiences have proven the inevitability of their development to enhance national economic security, and increase the capacity of these two sectors to support output and employment, achieve food security, and increase levels of self-sufficiency in agricultural commodities. and industrial, in order to reduce the levels of dependence on imports, and waste of resources from foreign exchange to reduce the risks of exposure of Arab countries to any unfavorable shocks as a result of increased levels of dependence on the outside.
Institutional reforms also play an important role in the current stage with the aim of developing Arab business environments to enable the private sector to be an essential engine for growth and employment.
On the other hand, the importance of Arab governments’ orientation towards accelerating the efforts of digital transformation and the transition towards a knowledge economy, as the lessons learned from the pandemic indicate that the countries that were able to quickly recover from the repercussions of the crisis, and to deal with its repercussions effectively and efficiently were represented in the Arab countries with higher levels of digital readiness.
Perhaps a look at the contribution of the knowledge economy sectors to the gross domestic product of Arab countries, which ranges between 4 to 12 percent in Arab countries, shows a decrease in this percentage compared to the similar level recorded in many of the pioneering countries in this field, including China, for example, where it is estimated This percentage is about 36 percent.
In addition, the importance of intensifying efforts and developing policies and programs to confront the repercussions of climate change and the transition towards green and sustainable economy and finance, in line with the reality and needs of our Arab countries.
No less important than the above is the need to follow up efforts aimed at developing the financial sector in the Arab countries to support access to finance and financial services, develop local financial markets, and enhance regional financial integration. Enhancing access to finance and financial services for various economic sectors, geographical regions and groups of society, especially youth and females, agricultural and rural communities, and micro, small and medium enterprises, and accelerating the availability of financing for emerging projects, will contribute to unlocking great potential energies and creating increased job opportunities, which will reflect positively on the endeavors of Facing unemployment and supporting sustainable and comprehensive economic and social development.
~~~~~~~~~~
Your Excellencies,
Dear Sisters and Brothers,
Allow me to commend the great efforts made by the committees and work teams emanating from your esteemed council in addressing topics and issues of importance, developments and developments related to the priorities of Arab central banks, in a way that enhances the opportunities for exchanging expertise and experiences and transferring knowledge.
You also note from the documents of this year’s esteemed council meeting, the quality of important topics, papers and reports prepared by the committees and teams, which reflected the requirements of supporting financial stability, upgrading financial infrastructure, preparing for the recovery phase and supporting digital financial transformation, and the role and responsibilities of central banks in this framework.
The meetings of the committees and teams received wide participation from regional and international financial and banking institutions and frameworks, led by the committees of the Bank for International Settlements, the Financial Stability Board, the International Monetary Fund, the World Bank and a number of global central banks.
Perhaps it is appropriate here to commend the remarkable progress in the fifth edition of the Financial Stability Report in the Arab States for the year 2022. The report included, in addition to the usual chapters on economic developments that have an impact on financial stability, and an analysis of the risks of the financial sector and the risks of the non-banking financial sector, a number of qualitative chapters dealing with: The real estate sector in the Arab countries, lessons learned from the emerging crisis of the Corona virus at the level of central bank policies, and developments in modern financial technologies and their impact on financial stability.
The report concluded that the Arab banking sector, despite the challenges and risks, was stable and generally able to withstand shocks, in light of the sector’s good levels of capital, asset quality, profitability and liquidity, which reflects the efforts of Arab central banks and monetary institutions.
It is noteworthy that the aggregate financial stability index of the Arab Monetary Fund, which is calculated in cooperation with the Financial Stability Task Force, rose to 0.526 points at the end of 2021 compared to 0.487 points at the end of 2020, due to the improvement of financial and economic indicators as a result of the efforts made by Arab countries to limit the repercussions of Corona pandemic, which reflected positively on financial stability.
I would also like to commend the activities of the Financial Inclusion Initiative for the Arab region. During 2021, the initiative implemented a series of capacity-building programs, and organized a number of high-level conferences, learning forums and developing methods and tools, in addition to knowledge products. There was a focus on environmental and social responsibility issues, supporting the development of microfinance services, as well as following up on digital financial transformation efforts.
In this context, I would like to commend the cooperation of Arab central banks and associations and unions of banks in Arab countries in reviving the activities of the Arab Financial Inclusion Day, which took place on April 27, 2022, under the slogan “The Importance of Social Responsibility for Financial and Banking Institutions in Promoting Financial Inclusion”.
Activities in the Arab countries highlighted the importance of promoting responsible financing and social responsibility for financial and banking institutions to serve sustainable development, as Arab central banks seek to develop frameworks that help adopt and apply these standards by their financial and banking institutions and urge them to develop services and products that enhance social and environmental responsibility.
For its part, the Arab Monetary Fund is intensifying its efforts in providing advice and issuing many studies, reports and guides, to contribute to addressing priority issues, especially in terms of promoting responsible financing and social responsibility in Arab countries.
We look forward to next year’s events, which focus on the role of financial inclusion in supporting efforts to confront the repercussions of climate change on the financial sector, which is appropriate in light of the Arab region’s hosting of the next two versions of the Conference of the Parties to the United Nations Convention ( COP27 ) and ( COP28 ) in Sharm El-Sheikh and Abu Dhabi, respectively. .
~~~~~~~~~~~~
Your Excellencies,
Dear Sisters and Brothers,
The Arab Monetary Fund continued to respond quickly to the needs of Arab countries in light of the repercussions of the Corona pandemic. Efforts focused on carrying out the tasks in a way that could respond to the needs of member states and help them face various challenges, in terms of meeting borrowing requests as quickly as possible, as financial resources were provided to a number of member states in the form of new loans, or withdrawals on existing loans, to face the economic repercussions and current finances, by applying the fast-track framework to enable borrowing Member States to benefit from these resources as quickly as possible. In this regard, the total volume of resources provided by the Fund since 2020 until the end of the first half of 2022 amounted to about 2.25 billion US dollars.
On the other hand, the Fund continued its efforts in organizing consultative meetings, exchanging experiences and expertise, and preparing reports and studies on current developments and prospects for Arab economies in light of the new developments. The Fund organized a number of high-level meetings and workshops for Arab central banks, with the participation of many regional and international institutions and frameworks. With the aim of consulting on existing issues and priorities in Arab countries to support opportunities for financial stability.
Also, in response to current challenges and providing advice to member states, the Fund continued to issue a number of guides and guiding principles aimed at helping Arab countries adopt appropriate policies. The topics of supporting financial stability and promoting financial transformation have been discussed. Digital and addressing the repercussions of climate change are particularly important at this stage.
~~~~~~~~~~
Your Excellencies,
Dear Sisters and Brothers,
I am pleased to report that the Buna platform for Arab payments, whose establishment was completed by the Fund under the guidance, support and cooperation of Arab central banks, international financial institutions and global central banks, has today gained wide international acceptance and has become a model for compatibility with the directions of the Group of Twenty to enhance the efficiency and safety of payment and transfer transactions through Borders to serve the purposes of enhancing financial flows and supporting financial integrity and stability.
As you know, the Buna platform is an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies. It aims to enable financial and banking institutions in the Arab region to send and receive inter-payments throughout the Arab region and abroad in a safe, reliable, affordable and highly effective manner.
The Buna platform provides banks with modern payment solutions that comply with international standards and principles and international compliance requirements.
The Buna platform contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with trading partners in various continents.
For information, participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost of which are the standards and procedures for compliance aspects. The platform has an integrated strategy to develop the services provided, starting with the instant payment services that are now being worked on, and continuing with trade finance services and cross-border money market transactions.
The platform offers payment and settlement services in Arab and international currencies, which now include the UAE dirham, the Saudi riyal, the Egyptian pound, the Jordanian dinar, the US dollar and the euro, in addition to Arab and Asian currencies that will be announced soon.
There are currently contacts and consultations with about 220 banks, 60 of whom have completed the connection with the platform.
There is no doubt that the success of the “Bunni” platform in achieving its strategic objectives requires the support of the supervisory authorities, the participation of central banks, the promotion of building a network of banks and financial institutions linked to the platform, and the use of Arab currencies in inter-transfers. We look forward to your support to complete linking Arab banks and activate transfers through the platform, thus enhancing the benefit of the innovative services provided by the platform.
Your Excellencies,
Dear Sisters and Brothers,
In conclusion, I renew my gratitude to the King, Government and people of the Kingdom of Saudi Arabia for hosting the meeting. I also renew my gratitude to the Custodian of the Two Holy Mosques and his trusted Crown Prince for the generous sponsorship of the meeting, and I cannot fail to renew my thanks to His Excellency Dr. Fahd bin Abdullah Al Mubarak, Governor of the Central Bank of Saudi Arabia, for his cooperation and his colleagues in preparing for the meeting and providing the requirements for its success. Also, on this occasion, I would like to thank the United Arab Emirates, the headquarters country of the Fund, for the great care and support it provides as the headquarters country of the Arab Monetary Fund, which undoubtedly contributes to the Fund’s carrying out the tasks entrusted to it.
Finally, I also do not fail to thank their Excellencies and Governors of Arab Central Banks and Monetary Institutions for their continued support of the Fund and the activities of the esteemed Council, wishing our meeting today every success.
Peace, mercy and blessings of God. LINK
~~~~~~~~~~~~~~~
DoTalkToMe: SIR Florida.I do not see debt debt jubilee in the article.
I do see currencies changing.
I do see people’s lives changing if they own the right currencies.
Those who are unaware, will continue to remain unaware and will not be helped.
Please explain how you see debt jubilee for everyone
~~~~~~~~~~~~~~
Sir: IMO-It’s about to occur in very short order, the article basically says so if you read the whole thing. The debt system in place now ( being dismantled and almost completed ) has been the reason for this hardship the world has been enduring for far too long.
It’s a slave system that enriches and empowers the select few and enslaves the rest of the people.
Worthless paper money backed by promises, as country by country has its resources stolen by the few that calls themselves elite.
In short, this system is dead and was buried with the queen today, so rejoice and celebrate the death of the system that enslaved the people!
Debt jubilee’s have been done in the past, history shows us that. The debt the world is in at this time could never be paid off as it was designed that way by some smart evil people.
Do a little looking into what countries are accumulating precious metals, all of them that have the ability too. A new better system is ready to emerge and all countries will have their own currency backed by precious metals and commodities ( even playing field ).
Even the so called elite are stock piling gold and silver while they can. Not sure how that is going to work out for them because the money they have was surly stolen from the people. IMO-Get ready!
