His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, heads banking delegate at the Annual Meetings of the International Monetary Fund and the World Bank in Bali, Indonesia. The Annual Meetings are held from October 12 to 14, 2018. The delegate includes Mr. Mohammad Manasrah, Director of Supervision and Inspection Department; Mr. Issa Kassis, Governor Advisor for Strategic Planning and International Relations; Mrs. Rola Ma’louf, the Head of Governor’s Office, and Mr.Wael Lafi, the Financial Follow-Up Unit Director.
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His Excellency Mr. Azzam Shawwa met this morning with Mrs. Stephanie von Friedeburg, Chief Operating Officer at International Finance Corporation to discuss PMA’s request for technical assistance to create Payment Company and to finance emerging small businesses in Palestine engaged in FinTech (financial technology) and alternative energy and other small businesses. Mr. Shawwa also met with Mr. Ferid Belhaj, the World Bank Group Vice President for Middle East and North Africa. Mr. Shawwa thanked the World Bank for the consistent cooperation with PMA. Mr. Shawwa briefed the meeting about the economic and political situation in Palestine and its impact on banks, the backbone of the Palestinian economy. Mr. Belhaj expressed understanding and empathy toward the situation in Palestine and said that the World Bank’s allocations for Palestine had been increased to support banks and the private sector and alternative energy and water and automation projects.
Mr. Shawwa also met with His Excellency Mr. Ahmed Abdulkarim Alkholifey, the Governor of the Saudi Arabian Monetary Authority, Mr. Mirza Adityaswara, Senior Deputy Governor of Bank Indonesia, Mr. Merza Hasan, Executive Director and Dean of the Board of Executive Directors of the World Bank, and Mr. Jihad Azour is the Director of the Middle East and Central Asia Department at the International Monetary Fund and briefed them about Palestine’s work to implement the best international practices and standards in banking supervision.
H.E. Mr. Shawwa and the banking delegate will continue meetings with Arab and international banking leaders to strengthen bilateral relations and to brief them about the recent banking developments in Palestine.
The annual meetings address economic issues including slow global economic growth, perspectives of economic and monetary policies, financing for inclusive development, eliminating poverty, and economic development issues. The meetings also address using technology to ensure inclusive growth and promoting policies for realizing Sustainable Development Goals especially in developing countries. The Chinese Belt and Road Initiative: New Silk Road will also be addressed in the meetings.
Other matters to be addressed by IMF and the World Bank Annual Meetings include the most sticking out economic and financial challenges facing the banking industry and reform of global finance sectors especially issues influencing emerging economies. IMF will address its periodic report on global economy prospects and IMF’s experts will address the trends of global economy and potential risks and future prospects.