Arab Monetary Fund marks 50 years with $11.8bn in financing

The Arab Monetary Fund (AMF) celebrated its 50th anniversary in Abu Dhabi on Monday, hosting a Golden Jubilee event that brought together Arab finance ministers, senior officials, and representatives from international organizations such as the World Bank Group and the Organisation for Economic Co-operation and Development (OECD).

The UAE, which hosted the event, emphasized Abu Dhabi's role as a regional financial decision-making hub and platform for shaping Arab policy and aligning perspectives amid rapid global economic shifts.

UAE Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, announced the government's goal to convert 50% of federal government operations and services into artificial intelligence (AI) models within two years. This initiative includes AI applications in budgeting, payroll, procurement, and final accounts, alongside the Zero Bureaucracy Programme, which has already reduced requirements by 90% and processing times by 73%.

The UAE also reaffirmed its commitment to global tax standards, including the implementation of its domestic minimum top-up tax from 2025, in line with the OECD's minimum tax rules.

Since its inception in 1976, the AMF has provided over $11.8 billion in financing to member states and delivered more than 400 training programs to approximately 20,000 participants. The fund's capital has nearly doubled to nearly $10 billion. The AMF has also developed regional payment infrastructure, notably the Buna payment system, to bolster financial integration and intra-Arab trade.

Fahad M Alturki, the AMF's director general and chairman, emphasized the fund's future focus on expanding financing, advisory support, capacity-building programs, and digital payment infrastructure to enhance Arab financial systems' efficiency and facilitate intra-Arab economic exchanges.