The Arab Monetary Fund (AMF) is considering strengthening the concepts of financial inclusion in Baghdad
Sunday, October 21,
Alsumaria News / Baghdad
The Arab Monetary Fund discussed with the Central Bank on Sunday the promotion of the concepts of financial inclusion in Iraq, while the Governor of the Bank Ali al-Alaq said that the Arab Monetary Fund expressed its cooperation in participating in the strategy of the bank to develop the concepts of financial inclusion.
"The meeting, held today, in Baghdad between the delegation of the Arab Monetary Fund under the chairmanship of its Saudi president Abdul Rahman al-Hamidi with the Central Bank of Iraq and the Association of Iraqi private banks and the Ministry of Finance and a number of government agencies to strengthen Concepts of financial inclusion and the presence of World Bank Representative in Iraq Yara Salem."
"The delegation of the Arab Monetary Fund included the President of the Saudi Fund Abdulrahman Al-Humaidi, the World Bank, the Global Financial Inclusion Alliance and the German Development Agency."
"The Arab Monetary Fund has not visited Iraq since the 1980s, and we welcome this visit, which opens new horizons in cooperation with the Iraqi financial sector, especially that Iraq is one of the founders of the Arab Monetary Fund, Pointing out that
"the Arab Monetary Fund has shown its cooperation in participating in drawing up the strategy of the Central Bank to develop concepts of financial inclusion within Iraq."
He stressed that "Iraq has the infrastructure for financial inclusion and will witness the next phase to stimulate the concepts of financial inclusion after it has gone a long way to meet the challenges and the implementation of its requirements,
For his part, the head of the delegation of the Arab Monetary Fund, Abdul Rahman Al-Humaidi, said that "the Arab Monetary Fund continues in its relations with Iraq and aim to develop them in line with the current reality," stressing that
"the Arab Monetary Fund and the Global Alliance for Financial Inclusion and the German Development Agency is in consultation Iraq to develop small and medium enterprises and empower young people and use the best banking techniques."
"The World Bank has contributed to enhancing the concepts of financial inclusion in Iraq by providing support to the Iraqi government, supporting the budget and achieving governance, as well as providing technical and financial support to various Iraqi institutions," said World Bank Representative in Iraq Yara Salem.
"Iraq has contributed to the development of balance of payments, which contributed to the improvement of financial services, which will lead in the next phase to create new services," adding that
"the Iraqi government has made clear progress in the settlement of salaries of state employees."
She called on Salem to "welcome the government's directions in achieving economic reform," stressing that
"the Financial Integration Initiative team succeeded in achieving financial inclusion."
In turn, the director of a department in the Central Bank of Iraq, Mahmoud Dagher, "The banks spent 70 billion dinars on the financing of small and medium projects within the initiative of a trillion dinars launched by the Central Bank," noting that
"the problem facing the growth of the banking sector is the dominance of government banks."