G20 leaders pledge to avert economic crisis in Afghanistan
October 12, 2021, 11:19 pm

G20 leaders pledge to avert economic crisis in Afghanistan

Afghanistan-Market/Pixabay

The BBC reported that members of the G20 group of major economies have pledged to avert an economic catastrophe in Afghanistan.

It said, German Chancellor Angela Merkel said the country should not be allowed to "descend into chaos".

According to the BBC, the virtual summit came as the UN urged world leaders to put billions of dollars into the Afghan economy.

US President Joe Biden stressed that aid should be provided via independent international organisations and not directly to the ruling Taliban.

But so far the money forthcoming has largely been counted in millions, just to provide emergency food and medicine.

The BBC mentioned that pledges include a promise by European Commission President Ursula von der Leyen to give €1bn ($1.15bn; £850m) to Afghanistan and to neighbouring countries taking in refugees.

Mrs Merkel, who did not stand for re-election last month and will step down as chancellor once a new government is formed, reaffirmed Germany's pledge of €600m.

She told reporters: "None of us has anything to gain if the entire monetary system in Afghanistan collapses or the financial system collapses."

"Then humanitarian aid can no longer be provided. Of course it's never easy to draw the line, so to speak, but to look on as 40 million people descend into chaos because there's no electricity supply or financial system - that cannot and must not be the goal of the international community."

The chancellor said the Taliban must grant access to all UN bodies delivering aid, and stressed the need for the rights and girls and women to be respected.

Mrs Merkel's words were echoed by Italian Prime Minister Mario Draghi, who was hosting the virtual summit.

He said G20 countries had to have contact with the Taliban but that did not mean recognition of the Islamist group's government.

The BBC said, not all G20 leaders were present - Chinese President Xi Jinping and Russian President Vladimir Putin sent representatives - but Mr Draghi said all participants had agreed on the need to provide more aid.

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The leaders also discussed ways to prevent Afghanistan becoming a haven for militants such as al-Qaeda and the Islamic State group, and the need to provide safe passage for foreign nationals and Afghans hoping to leave Afghanistan.

The summit came as Western and Afghan officials met in Qatar to discuss aid, terrorism concerns and evacuation of foreigners.

These were the first direct talks between the two sides since US troops left Afghanistan and the Taliban took power in August.

Source: BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.