Arab Monetary Fund and OECD Reinforce Their Cooperation to Support Financial and Economic Development in the Arab Region Through Technical Advice and Capacity Building
Washington DC, USA – Today, October 14, 2017, a Memorandum of Understanding (MOU) was signed between The Arab Monetary Fund (AMF) and the Organization for Economic Co-operation and Development (OECD) at the occasion of IMF-World Bank annual meetings. The MOU aims to strengthen the ongoing cooperation between the two institutions and to provide a comprehensive framework for the provision of technical advice and capacity building in the Arab countries in the space of financial development and stability, business climate, corporate Governance and investment policies among others.
The (MOU) was signed by the HE Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund and Mr. Angel Gurría Secretary-General of the Organization for Economic Co-operation and Development.
Signing of the MOU will help the parties to strengthen cooperation and development activities and joint programs on issues related to Economic policy and structural reforms, Corporate governance, integrity building and transparency, Investment policies, including long-term investment, and public-private partnership, Business climate in particular to promote small and medium enterprises, Financial Education, social policy, skills and employment, Governance and regulatory reform, Sustainable development, Financial sector development, including financial sector policy, financial inclusion and technology as well as in the field of statistics.
On this occasion, HE Dr. Abdulrahman A. Al Hamidy said that there is a useful cooperation with the OECD, and the signing of the MOU will certainly deepen our collaboration and provide a great platform for consultation and join work in providing technical assistance to our member countries and support their efforts in reaching sustainable development across all Arab countries. Supporting capacity development in the Arab region has always been among our top priorities, and we look forward to pursuing and intensifying this effort to better tackle the needs of our member countries. Our ongoing cooperation with OECD has always been successful and we are glad that today it’s being reinforced and strengthened to better serve the needs of the Arab region.
The OECD Secretary-General underlined that for more than a decade now, the OECD has been working with the MENA region, helping its governments and institutions design effective reforms through the MENA-OECD Initiative on Governance and Competitiveness. Through this initiative we are promoting broad reforms to enhance the investment climate, modernize governance structures and operations, strengthen regional and international partnerships, and promote sustainable economic development throughout the region. The emerging partnership between the OECD and the Arab Monetary Fund is very important as it helps to support reforms focused on long-term inclusive growth and better policies for the MENA countries.
WHEREAS, the AMF is a regional Arab financial institution, founded in 1976, and has started operations in 1977. The AMF’s mission is to lay the monetary foundation of Arab economic integration and to accelerate the process of economic development of its member countries, through providing training and capacity building in topics of interest, as well as financial and technical assistance to member countries to correct balance of payments disequilibria and implement structural reforms towards the modernization of their financial systems, and offering technical assistance to banking and monetary institutions in Arab countries with the objective of developing and strengthening their financial markets;
WHEREAS, the OECD is an intergovernmental organization, the purpose of which is to bring together countries committed to supporting sustainable economic growth, boosting employment, raising living standards, maintaining financial stability and thus contributing to sound economic expansion and development in Member countries and in non-member economies. Part of the uniqueness of the OECD lies in its focus and core mandate on public policy. Unlike some other parts of the multilateral system, it is not involved in financing projects and programmes. The OECD promotes progress through mechanisms that encourage peer learning and accountability. This creates a fertile ground for supporting innovative policy approaches. Since 2005, the OECD works with governments of the Middle East and North Africa (MENA) region through the MENA-OECD Initiative on Governance and Competitiveness for Development. This initiative is a unique, well established and recognized platform for cutting-edge policy dialogue, peer learning and capacity building across 18 countries.