His Excellency Mr. Azzam Shawwa, the Governor of the Palestine Monetary Authority, met today with a delegation from the International Monetary Fund mission headed by Mrs. Karen Ungli at the PMA headquarters in Ramallah. Dr. Riyad Abu Shehadah, the Deputy Governor of the Palestine Monetary Authority and Mr. Wael Lafi, the Financial Follow-Up Unit Director in Palestine, were in the meeting between the Governor and IMF mission delegation. The meeting discussed recent developments in the Palestinian banking and economic sectors and the challenges they faced and the efforts to support the sectors.
H.E. the Governor briefed the delegation about the measures and arrangements, which PMA took to develop and shield the banking sector in Palestine especially the efforts in legislations and supervisory systems with respect to anti-money laundering and combating terrorism financing; in addition to enhancing financial inclusion by promoting the banking services delivered to people and facilitating people’s access to sources of financing and encouraging banks to support businesses and productive initiatives, which would boost banks’ contribution to development. H.E. Mr. Azzam Shawwa praised the continuous cooperation and technical support, which IMF delivered to PMA in order to develop the work of the banking sectors and safeguard its stability and strength and its keeping pace with global banking developments.
Mrs. Karen Ungli commended the PMA for developing Palestinian banking by applying International Financial Reporting Standards (IFRS) and international internal audit standards of the Institute of Internal Auditors (IIA) and risk assessment audit system. Mrs. Ungli stated that IMF was ready to enhance the cooperation between IMF and PMA.
The meeting is part of the agenda of the IMF mission’s delegation visit to Palestine. The mission will also meet with decision-makers and people with influence on the economic and financial issues. The mission will submit a visit report to the Ad Hoc Liaison Committee (AHLC) of the West Bank and Gaza Strip.