Karim Souaid Chairman
of Arab Monetary Fund

Sign of renewed confidence in Lebanon's role in the Arab region

Karim Souaid, Governor of the Central Bank of Lebanon (BDL), has been elected chairman of the Board of Governors of the Arab Monetary Fund (AMF) for the coming year.

Often described as the Arab world’s equivalent of the International Monetary Fund (IMF), AMF is a regional financial institution established by the Arab League and headquartered in Abu Dhabi. Its main role is to support monetary stability and economic cooperation among Arab countries. It provides loans and technical assistance to member states facing balance of payments difficulties and works on issues such as banking reform, public finance, payment systems and financial governance. Its membership includes all Arab League countries. Finance ministers and central bank governors from member states form its Board of Governors, which is its highest decision-making body.

This election to head the board was seen by participants as a sign that Lebanon will continue to maintain a role within joint Arab financial institutions despite its ongoing economic and financial crisis.