Arab Economies
Arab Economies Seem Shielded From Current Financial Crisis, Meeting
Marrakech - The Arab economies don't seem to be threatened by the current international financial crisis but a possible impact is not to be ruled out should the crisis linger on, affirmed on Tuesday, CEO of the Arab Monetary Fund (AFM), Jassem Al Menai.
Speaking at the 32nd ordinary session of the
council of governors of Arab central banks and monetary institutions held in
Marrakech, Al Menai called on Arab leaders to learn from this crisis and
strengthen their economies.
The AMF chairman also called for a crisis anticipation
and a rational risk management by sticking to rigor and transparency in
financial transactions, especially in high-risk operations, stressing that the
meeting is a good coordination opportunity among Arab institutions to protect
the Arab banking and financial sectors from this kind of crisis.
For his part, Governor of Bank Al Maghrib
(Central Bank), Abdellatif Jouahri asserted that the Moroccan economy is
shielded from the crisis that hit the word's biggest financial institutions. He
deeming, however, that the north African country could be touched by such a
crisis due to the economic ties with European countries and others.
In order to ensure immunity to the Moroccan
monetary system, Jouahri announced the creation of a follow-up committee in
charge of information gathering and sharing with financial decision-making
institutions.
The Arab countries have already prepared a common
stand which will be presented during the upcoming IMF and WB meetings in
Washington, the BAM chairman went on to say.
Echoing him, Hamoud Ben Sanjour Ezedjali who is the president
of the current session, said the meeting is of a great significance, as it
coincides with a difficult international juncture marked by an international
financial crisis, the worse since the 30's.
Ben Sanjour Ezedjali who is also the executive director
of the Omani Central Bank noted that not only did the current crisis have
a direct impact on the concerned institutions, it also entailed turmoil in the
most important and major international monetary institutions with losses worth
billions of dollars.
The current crisis dimensions remain still unclear, he
underlined, adding that ensuring the monetary security can only be achieved and
reinforced through the setting up of efficient control and follow-up
mechanisms, and establishing responsible actions at all levels.
In a message addressed to the participants in the
32nd session of the Board of read by Abdellatif Jouahri, king Mohammed VI
underlined that the rapid and steady economic growth that Morocco has enjoyed,
since the start of this century, results from the structural reforms and the
sound economic policies the kingdom has laid down and implemented.
The meeting, held by Bank AL Maghreb in
coordination with the Arab Monetary Fund, is meant to be an opportunity
for central Arab banks governors to exchange points of view and discuss the
international financial crisis and its repercussions on developing countries.