The State of Qatar has achieved strong sovereign credit ratings from international rating agencies for the year 2022. The Qatar Central Bank confirmed on its official account on the social networking site Twitter that these ratings were based on a set of basic factors: the financial strength of the state, the good performance of public finances and the macroeconomy, and the rise in net assets. foreign sovereign.
On the other hand, the Board of Governors of Central Banks and Arab Monetary Institutions affirmed that enhancing access to finance and financial services in the Arab countries receives great attention from the Board of Governors of Central Banks and Arab Monetary Institutions, including Qatar, in recognition of the great potential opportunities that can be achieved by enhancing financial inclusion. To support comprehensive and sustainable economic development, address unemployment challenges, and achieve social justice.
In a statement yesterday, the council added that the total issuance of green bonds and sukuk related to sustainable activities amounted to $5.5 billion in 2022 in the Arab countries.
The percentage of adult access in the Arab region to formal financial services was 48% for males, 31% for women, and 32% for low-income groups.
The Council affirmed that enhancing financial inclusion plays an important role in supporting efforts to confront the repercussions of climate change, by enabling financial sector clients to deal with risks associated with climate changes and enhancing their ability to recover from the effects of climate changes, and this in turn contributes to comprehensive and sustainable development, thus safety and durability. the financial sector.
In this context, he added, it is worth noting the need to adopt policies related to climate change within the framework of sustainability, in line with the 2030 Sustainable Development Goals of the United Nations and the guidelines of the Paris Agreement, which is receiving increasing attention from the international community and regional and international financial institutions.
Realizing this, the Council of Governors of Central Banks and Arab Monetary Institutions saw the revival of the Arab Day for Financial Inclusion, which is held on April 27 of each year, under the slogan “Enhancing Financial Inclusion to Support Efforts to Confront the Repercussions of Climate Change” for the activities of 2023.
In this context, it is important for the financial and banking sector to take initiative to enhance its ability to deal with climate-related shocks, to raise awareness of the concept of the repercussions of climate change, and to deepen consumer confidence in financial institutions to limit the negative effects of these changes in the Arab region. Central banks and Arab monetary institutions are keen to support the efforts of the international community in promoting financing that takes into account climate considerations and sustainable development in general. In the foreground comes support for the implementation of the sustainable development goals issued by the United Nations and their close connection with climate change issues, and support for the efforts of the Group of Twenty (G20), which adopted the axis of financial inclusion as one of the main axes to support the goals of sustainable development and enhance financial stability, as the G20 pays special attention to supporting access to Youth, women and micro, small and medium enterprises to financial services, as well as interest in community financial awareness and education that enhance the chances of success of efforts and policies in this regard.
In the framework of the continued efforts made by central banks, commercial banks and official Arab financial institutions in the past years, to revive the Arab Day for Financial Inclusion and the distinguished organization of activities and events on this day, which contributed to spreading awareness and financial education among all members of society, it is of great importance to promote the revival of activities The Arab Day for Financial Inclusion and expanding the scope of community participation in it, by implementing events and activities that enhance knowledge of the concept of the implications of climate change and sustainable green financing issues. Central banks and Arab monetary institutions are also looking forward to the participation of other supervisory authorities, particularly the ministries of finance, capital market authorities, insurance supervisory authorities, bank associations and all other financial institutions, in reviving the activities of the Arab Financial Inclusion Day for the year 2023.
Dr. Abd al-Rahman bin Abdullah al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, stressed the importance and role of financial inclusion in facing economic challenges that affect economic growth, by mobilizing resources to increase savings and investment rates and create new job opportunities, praising the growing attention that is being received. It deals with issues related to enhancing financial inclusion by policy makers in Arab countries, which would help to address the challenges of poverty and unemployment and establish social justice. His Excellency also noted the efforts of central banks and Arab monetary institutions, which are keen to continue giving the necessary importance to issues of improving financial inclusion and access to quality financial services at acceptable costs, giving them appropriate importance and priority within the framework of the economic policies taken, enhancing awareness of climate change and its impact on financial stability, and applying the requirements Responsible finance, promoting green financial culture, supporting the green finance sector and green projects, and making use of modern financial technologies in providing financial services. Finally, His Excellency thanked the central banks, financial and banking institutions, and unions and associations of banks in the Arab countries, for their efforts in launching activities on the occasion of the Arab Financial Inclusion Day, and the importance they represent in achieving the desired purpose of this occasion.
