The Abu Dhabi-based Arab Monetary Fund (AMF) reported a fall in profits last year, following an increase in arrears in principal and interest owed by some member states. Net income fell 21 per cent to AAD 14.8 million ($ million) in 1994, while assets rose only slightly to AAD 630.7 million ($ million).

The AMF approved four new loans in 1994, with a combined value of AAD 63.4 million ($ million). Two loans supported economic adjustment programmes in Algeria and Jordan. The remaining loans were extended to Yemen and Mauritania to support those countries’ balance of payments.

Total loans to member countries rose by 11 per cent to AAD 168 million ($ million) in 1994. A further AAD 36 million ($ million) was approved during the year, but has yet to be disbursed.

Arrears by member countries were AAD 161 million ($ million) at the end of 1994, equivalent to 51 per cent of the fund’s paid-up capital in convertible currencies. This compares to arrears of AAD 153 million ($ million) at the end of 1993, which was equivalent to 48 per cent of capital.

Last year, the AMF conducted a survey of the capital markets in 11 member countries as a part of a programme to develop the Arab Markets Database. The project is being carried out in collaboration with the IFC (MEED 5:5:95).