Arab Monetary Fund (AMF)
Map of northern Africa and the Middle East indicating members of the "Arab League.
|Headquarters||" "Abu Dhabi, "UAE|
|Jassim Al Mannai|
|27 April 1976|
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The first president and director of the Arab Monetary Fund, from 1977 to 1982, was Dr. Jawad Hashim. In 1988, the AMF initiated civil actions against him to recover funds he embezzled during his tenure. A 20-year long legal feud between the AMF and its former director followed.
In 1982, the Arab Monetary Fund funded and supervised the launch of "Investcorp.
In March 2014, Abdulrahman bin Abdullah al Hamidy, former head of Saudi Arabia's central bank, was appointed director general and chairman of the board of the Arab Monetary Fund.
In May 2017, the Arab Monetary Fund loaned $332 million to the Egyptian government to make up for the decline of tourism in the country.
The Arab Monetary Fund's main objectives are to correct and balance the payment of its member states, remove payment restrictions between members, improve Arab monetary cooperation, encourage the development of Arab financial markets (paving the way for a unified Arab currency), and to facilitate and promote trade between member states.
The Articles of Agreement define the Fund's aims as follows:
This section needs expansion. You can help by adding to it. (December 2011)
The principal organs of the AMF are the Board of Governors, the Board of Executive Directors, and the Director-General. The Board of Governors (General Assembly) are the highest authority responsible for formulating policies on Arab economic integration and liberalization of trade amongst residing member states. In the Board of Governors, each member state is represented by an appointed Governor and Deputy Governor whom serve five year terms. The Board of Executive Directors is composed of eight non-resident directors elected by the Board of Governors on renewable three-year terms that is chaired by the Director-General. The Director-General is also appointed to the board but hold five-year term limits. The Director-General holds the position of Managing Director of the AMF.
The organization distributes its work through various offices (IA), departments, committees, and divisions. The Director-General supervises a committee dedicated to loans and another dedicated to investments in order to be able to make recommendations on loan and investment policies to the Board of Executive Director. In addition this person is responsible for conducting and submitting an Annual Report to the Board of Governors.
Member countries (22) are: