BENEFIT hosts IMF’s Article IV Consultation Mission

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, hosted a pivotal meeting with the International Monetary Fund (IMF) Article IV Consultation Mission at its headquarters, as part of the mission’s annual visit to the Kingdom of Bahrain.

Led by Mr. John Bluedorn, Deputy Division Chief in the Regional Analytics and Strategy Division of the Middle East and Central Asia Department at the IMF and Mission Chief for the Kingdom of Bahrain, the mission visited Bahrain from September 29 to October 10, 2024.

The IMF’s Article IV consultations are conducted in all 190 member countries of the International Monetary Fund.

These consultations provide recommendations on a broad range of economic challenges, including fiscal, monetary, and exchange rate policy, as well as healthcare, pensions, labour market dynamics, and other significant policy areas.

During the meeting, BENEFIT team, engaged in insightful discussions with the IMF delegation, which included Mr. Bluedorn, senior economist Fabio Comelli, and economists Colombe Ladreit and Daniel Lee.

The talks focused on several key areas, including the critical role of BENEFIT in advancing digital payments in Bahrain, the Kingdom’s digital payment infrastructure, regional cross-border payment initiatives, trends in digital payments, and the broader outlook for FinTech in Bahrain.

Yousif Alnefaie, Deputy Chief Executive at BENEFIT stated, “As digital payments increasingly integrate into financial systems, BENEFIT remains committed to spearheading cutting-edge solutions that not only strengthen Bahrain’s economy but also drive growth across the region.”