Al-Alak: An Arab consensus on the role of central bank programs in addressing challenges
Mawazine News – Baghdad
Central Bank Governor Ali Al-Alak stressed that the bank focuses on an unconventional policy of direct engagement in the economic stimulus process through its initiatives that support the expansion of the productive base and green projects, while pointing to the existence of an Arab consensus on the role of central bank programs in addressing the challenges.
Al-Alak said in a statement to the official agency, followed by “Mawazen News”, on the sidelines of his participation in the opening of the Arab Week for Sustainable Development Forum in its fifth edition held in the Egyptian capital Cairo, “One of the main axes on which this forum focuses is the role of the banking sector in the sustainable development process, as well as the great challenges facing the Arab economies in terms of the weakness of the productive base, the weakness of financial inclusion and many obstacles that are constantly geneding, and today we also talk to climate change and its impact on the economy and the role of central banks and the banking sector in addressing challenges and risks.”
He added that “there is consensus that the role of central banks and the banking sector has become a pivotal and essential role that should be focused on and willing to develop awareness towards these risks and turn them into real treatment programs.”
“The central bank also focuses as one of the world’s central banks on the unconventional policy of central banks through direct and indirect engagement with economic stimulation through various initiatives that try to expand the productive base as well as green projects,” he said.
He explained that “as a result, the Central Bank gave a license to establish the Green Bank, which will be one of the important links, as well as other projects that support the financing of small and medium-sized enterprises, expanding the base of engagement.”
He pointed out that “the Central Bank supported a broad government program that took a national dimension and represented the process of digital transformation, which is one of the government’s priorities, and we are working together with the direct support of the Prime Minister to provide the requirements of this transformation, which is a fundamental pillar of the digital economy in general.”
He stressed that “these are these important axes, which are being focused on in this conference with a conscious and accurate diagnosis, familiarity and familiarity with all the conditions surrounding the economic challenges, which have also become linked to the challenges of the situation in the region and what requires wise management of the risks that surround the Arab countries.”
English (United States) ·