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Found 7 results

  1. Arab countries, including Iraq, are seeking to implement mega projects at a cost of $100 billion 2023-01-05 06:31 Shafaq News/ The Arab Monetary Fund stated that a number of Arab countries, including Iraq, are seeking to implement giant projects in the production of environmentally friendly hydrogen, as part of a plan to reduce gas emissions and confront climate change and its repercussions. A report issued by the fund said that the cost of establishing renewable capacities in the Arab countries until 2035 is estimated at about $100 billion, noting that the new capacities contribute to reducing emissions in the Arab countries. He added that the measures to reduce emissions in the Arab countries are concentrated in the implementation of projects to remove carbon from the electricity production sector, reduce the demand for energy consumption through measures to raise efficiency, and switch to means of generating energy from low-carbon energy sources such as renewable energies. The report also indicated the growing importance of hydrogen at the global level, especially green hydrogen, as one of the most important sources of future energy, in the context of achieving net zero emissions by 2050, and reducing the global temperature rise by no more than 1.5 degrees Celsius. The Fund expects that hydrogen will account for a large share of the final global demand for energy by 2050, and that its global trade will account for more than 30% of its total production during the same period. The report emphasized that the Arab countries enjoy a good geographical location between the markets in Europe and Asia, with the availability of low-cost renewable energy sources, and an extensive energy infrastructure that includes refineries, storage and fuel supply facilities, and natural gas pipelines that can be repurposed to transport hydrogen. According to the report, hydrogen production, especially Blue, which relies on natural gas for its production, could be better economically in Arab countries compared to other regions of the world, and this will require developing legislation and regulatory frameworks that focus on hydrogen and creating a supportive regulatory environment, approving allocations and providing financing opportunities for investment. In hydrogen projects and infrastructure. The fund indicated that the requirements also include exploiting the advantages of abundant solar energy, investing in solar power plants at the industrial level, developing technologies to increase the production of green hydrogen, establishing the infrastructure for storing and transporting green hydrogen through the exploitation of ports and existing industrial infrastructure, and strengthening partnerships between the public and private sectors through In order to develop the infrastructure for production and export. The report continued by saying that the year 2021 witnessed great activity on the part of a number of Arab countries, including the UAE, Saudi Arabia, Algeria, Iraq, Qatar, Egypt, Oman, Morocco and Mauritania, as part of their efforts to implement mega projects and sign memorandums of understanding to achieve leadership in the production of environmentally friendly hydrogen.
  2. «Arab Monetary» and the development of digital payment systems Monday 18 July 2022 130 Baghdad: Follow-up to the morning The Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, said: “Promoting the digitization of responsible payments in our Arab countries will help attract more groups of society, especially youth, women and small enterprises, to the financial system, in line with the requirements and needs of these groups. This will be reflected in supporting sustainable growth opportunities, creating job opportunities, and promoting equality and financial stability in the Arab countries.” Al-Humaidi announced that “the Arab Monetary Fund will join more than 80 members of the Better Than Cash Alliance, from governments and regional and international financial institutions, committed in promoting responsible digital payments to help advance development goals. sustainable”. Al-Hamidi stated: "Joining the alliance highlights the keenness of the Fund to lead efforts towards digitizing responsible payments in the Arab region, and to inform the members of the alliance about its activities to benefit from the exchange of experiences and expertise with other members, in a way that supports improving the digitization of responsible payments, at the global level and in the world." Arabic in particular. For her part, Director General of the Global Alliance for the Promotion of Digital Payments, Dr. Ruth Goodwin Groen said: "We are pleased to welcome our newest member, the Arab Monetary Fund, which is participating in the growing global efforts to shift from cash payments to a responsible digital payments system, to improve the lives of various segments of society." Groun praised the Fund's "outstanding vision in supporting the comprehensive development of its member countries by promoting the digitization of responsible payment systems."
  3. The “Arab Monetary” discusses the digital economy and economic policies Thursday 26 May 2022 56 Abu Dhabi: follow up The Institute for Training and Capacity Building, in cooperation with the Economic Department of the Arab Monetary Fund, organized a "remote" training course on "the digital economy and economic policies", during the period from 23 to 26 of this month. The Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Abdul Rahman bin Abdullah Al-Hamidi, said: "The training course is concerned with analyzing the implications of digital transformation on the management of macroeconomic policies, including both financial, monetary and prudential policies. the college. He explained that "the course will discuss a number of related topics, including the general framework and methodologies for measuring the digital economy, as well as strategies and future visions for the transformation towards a digital economy in the Arab countries, as well as the digitization of public finances, digital government services, in addition to digital currencies issued by banks. Centralization, digital financial transformation, and digitization of financing processes Trading".
  4. Experts explain the feasibility of central banks issuing digital currencies l 22 hours ago Mohamed Farag - Cairo - Sky News Arabia Digital currencies began to withdraw a large part of their balances Clearly, the trend of many central banks around the world has emerged towards issuing digital currencies, which would revolutionize monetary policy, based on several basic motives; Chief among them is allowing greater financial inclusion, in addition to preventing fraud and crime, as well as enabling instant international transactions. Arab central banks are not far from this trend, according to what was announced by the Arab Monetary Fund, as it stated that 76 percent of these banks are studying opportunities to issue digital currencies . The fund expects that within the next three years, two Arab banks will be able to issue their own digital currencies. The International Monetary Fund, in a report last October, touched on encouraging central banks to launch their own digital currencies, in parallel with developing and improving payment technologies and facilitating cross-border payments and transfers, to be cheaper, faster, more comprehensive and transparent. So how can central banks take advantage of this? What are the main challenges? keep up with the situation The head of the Egyptian Forum for Economic Studies, Rashad Abdo, said in statements to "Sky News Arabia" that the central banks found that digital currencies began to withdraw a large part of their balances, especially in light of the high profit rate, which parallels at the same time with a high risk rate. , makes a “simple event or development” a strong boost to it or causes a significant decline, and then the idea of banks developing their own digital currencies has begun to be raised on a larger scale. He stresses that this allows central banks to keep customers within the banks' portfolio, with the same idea of banks' investment funds. At the same time, the economist points out that the issuance of digital currencies by central banks would put all things "under control", unlike the current cryptocurrencies , which do not have data about them and enjoy a large degree of encryption with regard to transactions, which enhances the risks of their use in money laundering and terrorist financing. and so on. risk In this context, Professor of Finance and Investment in Cairo, economist, Mustafa Badra, believes that digital currencies have higher risks than money markets and any other risks, and other than those risks, they are considered “an unsafe investment for many investors, especially in emerging markets.” Those currencies of a group of countries through their central banks is a matter through which those currencies can be controlled and regulated. He explains, in exclusive statements to "Sky News Arabia", that a group of countries within one regional scope can also issue one digital currency among themselves, subject to the supervision of central banks; In order to facilitate trade exchange between those countries. Badra describes the current digital currencies as “a problem for the global economy,” citing the losses that investors suffered earlier after the founder of a currency company fled with two billion dollars.
  5. Digital economy taxes in the Arab countries Tuesday 27th April 2021 21 Abu Dhabi: Follow up The Arab Monetary Fund has issued a study entitled "Taxes on the Digital Economy in the Arab Countries". The study, which Al-Sabah followed up, comes in light of the Fund’s interest in supporting the efforts of Arab member states in their endeavor to address the challenges of applying taxes to digital transactions, in order to enhance the protection of national tax rules, tax justice and economic competition, in light of the growing economic activities based on digitization. The study was based on the results of a questionnaire prepared by the Arab Monetary Fund to monitor the challenges facing Arab countries in applying taxes to the digital economy, and the nature of the efforts taken and planned to address those challenges related to the ability of the current tax rules to deal with activities based on digitization, in the absence of an international consensus on the distribution of rights. Interstate taxation. The study highlighted the importance of the digital economy in terms of expansion, growth and financial resources reaped by digitization-based companies. It also indicated the repercussions of not subjecting the digital economy to taxes, represented by the erosion of national tax rules, lack of tax justice and economic competition, as well as the challenges facing the application of taxes to the digital economy at the Arab and international levels, the development of international efforts to address them, and the nature of measures and procedures. Planned and taken at the level of Arab countries in this regard. The study confirmed that there is awareness at the regional and international levels of the importance of taxes on the digital economy in terms of the need for this sector to contribute to the public resources of countries in relation to its size and profitability, in addition to the need to correct the disparity in tax burdens between digital and traditional companies, but there is difficulty preventing the application of rules and standards Current international and domestic tax on digital transactions. Therefore, there is a need for concerted international efforts to reach an international consensus on international tax rules and standards that guarantee the fair distribution of tax rights among countries. She stated that in light of the delay in reaching an international consensus, a number of countries around the world have taken unilateral measures to enable the application of taxes on the profits of companies based on digitization, which may have negative repercussions on international trade and technical development. The study indicated the need for Arab countries to focus on several areas, including reviewing and amending tax legislation and agreements to keep pace with the rapid technical development, benefit from the multilateral agreement to combat international tax evasion, collecting the required data on digital economy activities, building electronic databases, and developing tax administrations by developing Information systems and raising technical capabilities.
  6. Governor of the Central Bank of Iraq participates in the meeting of Governors of the Arab Monetary Fund Banks Economy News Baghdad: The Governor of the Central Bank of Iraq, Ali Mohsen Ismail and the accompanying delegation representing Iraq with the Ministry of Finance participated in the 41st annual meeting of the Board of Governors of the Arab Monetary Fund held in the Dead Sea area of the Hashemite Kingdom of Jordan for the period 10-11 April 2018. The central bank said in a statement published on its website and read by the "Economy News" that "during the meeting, a number of important topics were discussed. The most important of these was the system of settlements and clearing for Arab payments, which will provide an environment of financial transfers between the Arab countries and thus promote Arab trade and inter-Arab economic integration." For its part, the Fund paid great attention to the achievement of cooperation and exchange of experiences in the field of monetary policies among the Arab countries and coordination of their positions in international forums and meetings as well as strengthening coordination between central banks and Arab monetary institutions in various fields related to the work of these banks. He also stressed the assistance in exchanging experiences and experiences between central banks, and thus these steps will achieve monetary cooperation among Arab countries in order to reach a common formula in the construction of monetary policies. Views 0 Date Added 11/04/2018
  7. Conclusion of the fourth meeting of Arabstat 12/11/2017 12:00 am Abu Dhabi / Morning follow up The fourth meeting of the Technical Committee of the Arab Statistics Initiative (Arabstat), hosted by the Arab Monetary Fund (AMF), was recently concluded in Abu Dhabi, with the participation of more than 60 participants from central banks, Arab monetary institutions, finance ministries and statistical agencies in the Arab countries. Regional and international levels. "The informal sector has seen great importance in the economies of many Arab countries in terms of its contribution to the GDP of between 1 and 25 percent and its ability to create jobs," said Abdul Rahman bin Abdullah Al Humaidi, Managing Director and Chairman of the Fund. In addition to the interest of many regional and international organizations. " "The focus of the meeting was to identify its specificities in terms of the definitions adopted in the Arab countries, how they were evaluated and taken into account in the preparation of the national accounts, and the challenges facing the Arab countries in its inclusion in the official sector, The conditions of employment and the number of workers, the availability of social protection systems for its employees, in addition to its negative effects as an informal economy that affects primarily the efficiency and productivity of official economic activities. The Arab Statistics Initiative was launched at the Arab Finance Ministers meeting in Dubai, United Arab Emirates, in April 2013, and mandated the Arab Monetary Fund to assume the secretariat of the Arabstat Technical Committee, which aims to enhance statistical cooperation among Arab countries, , Providing technical advice and assistance and training to statistical institutions, central banks and ministries of finance in the field of statistical work, to meet the challenges for the preparation of economic, financial and social statistics according to the latest methodologies and statistical evidence.
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