Fri. PM KTFA News Articles 7-2-21

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Samson » July 2nd, 2021

“ALL YOU WANTED TO KNOW ABOUT BUNA!”

1st July, 2021

The Arab Monetary Fund (AMF) holds a virtual workshop to spread further the knowledge of Buna functions and future plans 

More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of financial institutions

Abu Dhabi, 1 July 2021: The Arab Monetary Fund (AMF) holds today, Thursday July 1st, 2021, a special workshop to propagate additional knowledge on Buna, the cross-border and multi-currency payment system owned by the AMF, covering various elements related to Buna activities and future plans.

During this workshop, Buna executive team will be enriching the current acquaintance of the banking community with Buna’s innovative solutions and its concrete contribution to the development of the payment sector in the Arab region and beyond, by addressing a diversified list of topics including operations, products roadmap, settlement model, as well as security and compliance frameworks.

The workshop will host more than 200 senior officials representing Arab and international central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking valuable information about Buna’s recent plans and developments.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Since its inception to date, Buna invested substantial efforts to build and transmit knowledge on its innovative offering.

We believe that collaboration with the banking community is instrumental to achieve growth in the payment and financial sector in the Arab region and contribute to increased efficiency of cross-border payment at global level.”

Mehdi added: “Buna provides an effective response to the four main challenges of cross-border payment relating to cost, speed, access and transparency, by streamlining payment processes and integrating different services in a single platform. We are very happy to see that our value proposition is becoming tangible to our participants and more and more recognized by the wide payment community at global level.

In addition, Buna’s compliance with the highest international standards of information security and requirements against financial crime makes it a secure gateway to cross-border payment.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment.

Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners.

Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.   LINK

After the complete extinguishment .. Al-Kazemi dismisses and punishes officials in the Ministry of Electricity

2nd July, 2021

Today, Friday, Prime Minister Mustafa Al-Kazemi issued an order to dismiss a number of officials in the Ministry of Electricity.

The statement of the media office of the Prime Minister stated, received by Shafak News Agency; Al-Kazemi directed the dismissal of the General Director of the General Company for Electricity Transmission / Middle Euphrates, and directing a reprimand for him for neglecting to perform his duties and duties, which caused the fall of power transmission lines (400 kv), and the occurrence of power outage in all governorates.

The statement added that Al-Kazemi also directed “to take measures against other officials in the ministry because of their negligence in their work and the tasks assigned to them, and to open an investigation into cases of negligence and negligence in some parts of the ministry that led to a decline in the supply of citizens with electrical energy and exacerbated their suffering, despite the continuous directives of the President The Council of Ministers for officials and workers in the Ministry of Electricity, stresses the importance of working hard, making maximum efforts, preparing well for the summer, and alleviating the suffering of citizens.

And at dawn on Friday, Iraq witnessed a complete blackout in the governorates of the country, with the exception of the Kurdistan Region.

Later, the Iraqi authorities reported the gradual restoration of electricity in the country’s governorates.

In recent weeks, the frequency of attacks with explosive devices increased on electric power transmission lines in the governorates located in northern, western and eastern Iraq, which exacerbated the electricity shortage crisis in the country. The power outage comes amid the recent escalation of popular protests over the deterioration of the electricity service in conjunction with the rise in temperatures, reaching 50 degrees Celsius in some areas.

The Iraqi authorities accuse the terrorist “ISIS” militants of being behind most of the attacks. Iraq has been suffering from a decades-old electricity shortage crisis as a result of successive wars and the instability of the security situation in the country, as well as rampant corruption. Iraq produces between 19 and 21 thousand megawatts of electric power, while the actual need exceeds 30 thousand megawatts, according to officials in the electricity sector.   LINK

Source: Dinar Recaps

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