Ministry of National Economy and Palestine Monetary Authority sign Data Exchange Memorandum of Understanding

In cooperation with the Ministry of Telecommunication and Information Technology

The Ministry of National Economy and the Palestine Monetary Authority signed on Monday, May 28, a data exchange memorandum of understanding, in cooperation with the Ministry of Telecommunication and Information Technology. The data exchange service allows the banks that operate in Palestine to inquire about the data of the businesses that are registered with the Ministry of National Economy.

The memorandum of understanding, signed by the Minister of National Economy Abeer Odeh, the Governor of Palestine Monetary Authority Azzam Al Shawa, and the Minister of Telecommunication and Information Technology Allam Mousa, aims to put in place governance mechanism that links government agencies and/or public institutions to ensure information security and speedy electronic acquirement by users of such information and to enhance the quality and level of electronic services that rely on the service that is the subject of the memorandum of understanding. The signing of the memorandum of understanding was attended by representatives from relevant government agencies. 

The memorandum of understanding also aims to reduce costs of linking and information exchange among government agencies and/or public institutions, ensure transparency and accuracy of provided data at the agency that owns the information, and improve the efficiency and performance of the service provider and supporting institutions.

Minister Odeh stated that the signing of the memorandum of understanding was in line with the Ministry’s policy of facilitating services to citizens and the private sector in order to serve the banking sector, which is the backbone of the Palestinian national economy. The signing of the memorandum of understanding reflects the outcome of extensive consultations between the Ministry of National Economy and Palestine Monetary Authority and the Association of Banks in Palestine, according to Odeh.

Odeh also stated that she had formed a Joint Technical Committee to research mechanisms of cooperation between the Ministry of National Economy and the banking sector. The members of the Joint Technical Committee include the Ministry of National Economy, Palestine Monetary Authority, and the Association of Banks in Palestine. The committee is tasked with creating mechanism of cooperation and flow of information to the banking system, which would serve this important sector, realize its objectives, reduce time and cost to the public and businesses that seek banking facilities. Odeh stated that the banking sector played major role in the economic development process. The banking sector must be supported and developed since it constitutes the cornerstone and prime mover of economic activity. It also contributes effectively to the development process and economic development, according to Odeh.

Governor of Palestine Monetary Authority Azzam Al Shawa affirmed the importance of promoting economic development in Palestine, including empowering small and medium-sized enterprises as well as easing their access to credit sources in accordance with the policies of the Palestinian National Authority. 

The signing of the memorandum of understanding, according to Al Shawa, is part of the efforts of the Palestine Monetary Authority to empower the small and medium-sized enterprises. The memorandum of understanding shall help lenders, including banks, lending institutions, and financial leasing companies access to the data of the enterprises that are registered with the Ministry of National Economy, and assist credit review of facility request. Al Shawa praised the role of the Technical Committee and its initiatives to facilitate access of small and medium-sized enterprises to credit sources.

Al Shawa also commended the cooperation between the Ministry of National Economy and the Ministry of Telecommunication and Information Technology to accomplish the memorandum of understanding. Such cooperation has positive impact among government agencies that affects Palestinian banking, development, and the economy. 

The Minister of Telecommunication and Information Technology Allam Mousa thanked Palestine Monetary Authority and the Ministry of National Economy for their cooperation and continuous efforts to serve citizens’ interests. Mousa stated that the task of the Ministry of Telecommunication and Information Technology was to accomplish the linking of ministries and secure electronic exchange of data. The memorandum of understanding will enhance e-government services, which the Ministry seeks to develop in accordance with citizens’ needs. The Ministry of Telecommunication and Information Technology has made many achievements regarding the e-government project especially X-Road, which allows immediate inquiry about data among the ministries that are linked to the system and will ensure highly accurate information from source, this will impact service quality, according to Mousa. The system also maintains high levels of security and safety of information exchange. 

Mousa also mentioned the electronic services, which the Ministry launched with other government partners. He concluded that ministries welcomed automation of their services, which had been the outcome of the e-government and the infrastructure the Ministry had created over the years. 

 

Categories: PMA, Memorandum

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