OECD, Arab Monetary Fund ink cooperation deal

ISTANBUL (AA) – The Organization for Economic Cooperation and Development (OECD) and Arab Monetary Fund (AMF) have signed a cooperation deal to create joint efforts for increased “monetary stability and economic development in the Arab region.”

The Paris-based OECD announced on Tuesday that the two organizations have signed to extend a 2017 memorandum of understanding to cooperate to establish policies for economic growth and introduce structural reforms in the region, as well as inclusivity efforts, such as women- and youth-focused programs for entrepreneurship and financial literacy, among many others.

Emphasizing the experience the two organizations have in the region, Fahad Alturki, director general chairman at the Emirati organization, said: “In the last five years, the AMF and the OECD have brought to life a series of regional forums to move forward policy advice and knowledge exchange, as well as regional capacity-building programs.”

He added that the extension of the cooperation is crucial to implement nationwide and regional programs for growth.

“Our renewed cooperation with the AMF will help address regional needs and development priorities through policy dialogue, exchange of good practices, and capacity building,” noted Mathias Cormann, secretary general at the OECD.

The OECD added that the two organizations have agreed to create programs for the development of the financial sector in the region, sustainable development and green transition, fiscal policies for debt management and taxation, skills and employment, digitalization, other cooperation efforts, and more.​​​​​​​