The Governor of the Palestine Monetary Authority Welcomes Senior World Bank Delegate

His Excellency Mr. Azzam Shawwa the Governor of Palestine Monetary Authority welcomed senior World Bank delegate headed by the Executive Director and Dean of the Board of Executive Directors, World Bank Group, Dr. Merza Hasan. Members of the senior delegate included Jordanian Advisor in the World Bank Group Fawwaz Al Balbisi, Marina Weis the Director of the World Bank in West Bank and Gaza Strip, and Resident Representative of the International Finance Corporation Yusif Habash. The Governor’s Assistant for Financial Stability AffairsDr. Riyad Abu Shehadah joined the welcoming of the delegate. 

H.E. Mr. Shawwa praised the efforts, projects, and financing of the World Bank in Palestine and other countries of the world that contribute to reduction of unemployment and poverty and create more opportunities for the private sector. 

Mr. Shawwa briefed the delegate about the soundness of the Palestinian banking system and the efforts of PMA to develop and ensure financial stability and inclusion and commitment to international banking standards. Mr. Shawwa also briefed the guest delegate about the efforts of Palestine to safeguard all economic sectors from abuse. This is conducted through sound public policy that aims to combat money laundering and terrorism financing in the financial and business sectors and non-finance professions. The most prominent among the efforts is the completion of the national assessment of the risks of money laundering and terrorism financing in preparation for Palestine to be assessed by the Middle East and North Africa Financial Action Task Force (MENAFATF)in 2020. 

Mr. Shawwa also pointed out strengthening the financial safety network by increasing the ceiling of deposits included in the deposit insurance program from $10,000 to $20,000 and to build national strategy for electronic payments, which include payments through mobile phone and electronic clearance.  

Dr. Merza Hasan reiterated World Bank’s praising of PMA and the Palestinian banking sector as pillar of economic development in Palestine. He pointed out to the Doing Business Report 2018of the World Bank and the achievements made in the Ease of Doing Business Ranking. PMA has established credit information system. This system is run by PMA and is one of the best systems in the region.