Karim Souhaid elected chair of Arab Monetary Fund board, reports an-Nahar

BEIRUT — Banque du Liban (BDL) governor Karim Souhaid elected president of the Arab Monetary Fund’s board of governors, an-Nahar reports.

The election took place during the 49th meeting of the board of governors of the Arab Monetary Fund, which was held via videoconference on May 4. Souhaid will serve as president for one year.

The meeting was chaired by Kuwaiti Finance Minister Yacoub al-Sayed Hashem al-Roufai, while Lebanon was represented by the vice governor of BDL and member of the board of directors of the Arab Monetary Fund, Makram Bou Nassar, an-Nahar added.

The Arab Monetary Fund is a regional financial institution created in 1976 by the 22 member countries of the Arab League. Its operations borrow some elements from the International Monetary Fund, in that it can grant loans to countries in difficulty or monitor the financial stability of its members. However, the AMF’s programs are much more flexible and less demanding than the conditional financial assistance programs tied to reforms proposed by the IMF.