Financiers at the Foreign Ministry seek Algeria’s presidency over the AMF

Financiers at the Foreign Ministry called for a prominent role during the meeting of the Member States that are contributing in the Arab Monetary Fund, which will be held Wednesday in the Jordanian capital Oman in order to win the fund’s presidency, even for the first time, because Algeria contributes with the largest share which reach 11% following the Saudi Arabia with the difference of 2.58 %.

• Algerian financial sources from the AMF told Echorouk that Algeria, despite being on top of the contributors however it never presided over the fund, until now, since its inception in April 1976 by the member states in the Arab Association.
• The AMF started its activity in April 1977. The free capital of the fund reached about $1.8 billion end of 2007, while the precautions of the same rights reached $834 million end of 2008.
• According to the official document on the fund’s rules, available to Echrouk, the Saudi Arabia is on top of the contributing countries with 13.58% then Algeria with 11.96%.
• However, the total contribution of Egypt Yemen, Djibouti, and the Comoros reached 19.96%, followed by the group of Kuwait and UAE with 14.88% and a third group containing Morocco, Libya, Tunisia and Mauritania with 09.13%.
• The same document shows that both Saudi Arabia and Algeria are permanent members of the governing council which have the right to veto with 13.3%, before the Saudi Arabia succeeded in raising its voting share to 13.58%.
• The period of the AMF’s presidency extended to five years, as many countries presided over it but Algeria, and after Iraq presided over it until 1982 followed by UAE until 1987 despite its shares do not exceed 5.88%, and Saudi Arabia from 1987 to 1990.