Governor of PMA Meets WORLD BANK Delegation Headed by Middle East & North Africa Regional Vice President
At the PMA headquarters in Ramallah, H.E. Governor of the PMA received a World Bank delegation headed by Mr. Hafez Ghanem, Middle East & North Africa Regional Vice President, World Bank.
H.E. the Governor welcomed the visiting delegation, pointing out the significance of such a visit, given the fact that the World Bank is an international financial institution that plays an essential role in supporting economies of countries around the globe.
H.E. the Governor emphasized that the PMA implements the latest banking supervisory standards in accordance with Basel II and Basel III accords. He added that, in spite of the current economic situation, the Palestinian banking system continues to maintain its robustness and stability. This led international financial institutions, most importantly the World Bank and the International Monetary Fund (IMF), to praise the PMA repeatedly for its performance, especially with regard to risk and crisis management and financial inclusion.
Outlining the positive results culminating from the recent USA visit of the Palestinian banking delegation, H.E. the Governor said the delegation, which he headed, held meetings with high ranking US officials from the Department of Treasury, members of the Congress, advisors to President Barack Obama and to Secretary of State John Kerry, in addition to several other meetings with senior World Bank staff and staff from other institutions. During the meetings, PMA’s implementation of the various international banking regulations and instructions was underlined, including those concerning anti-money laundering.
H.E. the Governor briefed the visiting delegation on PMA’s future plans including its projects to introduce e-clearing services and mobile banking services.
During the meeting, the PMA staff was introduced to the newly-appointed World Bank representative Marina Wes. H.E. Governor Shawwa thanked Steen Jorgensen who concluded his term as World Bank Country Director, adding that during Mr. Jorgensen term, the World Bank and the PMA relationship was that of fruitful cooperation.
The World Bank delegation expressed its admiration for the extent of progress made by the PMA and its tangible achievements in terms of financial stability and banking system robustness, as it clears the way to transform itself into a fully-fledged central bank.