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The Arab Monetary Fund (AMF) was created on April 27, 1976, at Rabat, Morocco, by the Economic Council of the League of Arab States. The AMF Agreement went into effect on February 13,1977. The first meeting of the fund's Board of Governors was held in April of that year. The AMF came about largely as a result of soaring oil prices in the early 1970s. Oil-producing Arab nations created the AMF with money from oil sales in order to provide low-interest loans to less prosperous Arab nations so as to ease their balance of payment problems. The AMF soon expanded its programs to provide funds for pan-Arab development projects. The AMF is an agency of the Arab League, an umbrella organization encompassing a variety of programs and activities in the Arab world. Current members of the AMF are: Algeria, Bahrain, Djibouti, Egypt,...