QNA/Doha
The Qatar Central Bank and the World Bank yesterday launched a programme for technical co-operation in Washington to strengthen financial supervision in Qatar.
The programme will allow the QCB to identify risks in the financial system and mitigate them, which will support the increased flexibility in the financial system of Qatar in the face of the global economic and financial shocks.
Regarding the programme, QCB Deputy Governor Sheikh Fahad bin Faisal al-Thani said the bank continues to update its regulations and abilities to manage risk and maintain financial stability in Qatar’s banking system.
Under the programme, the World Bank will help the QCB improve its performance in monitoring and evaluating the risks that threaten the stability of the financial system based on international best practices in compliance with one of the main goals set by Qatar’s National Development Strategy 2011-2016, a QCB statement said yesterday. World Bank Group executive director and dean of the board of executive directors, Dr Merza Hasan said the Bank, as a global development institution, aims to strengthen for the benefit of Qatar the services and expertise available to continue playing a key role in the economic development in the Gulf Cooperation Council.
The statement added that the co-operation will benefit all of the GCC countries as well as the World Bank as the GCC countries are seeking to learn from the Bank’s global knowledge and practical experience in economic development. The GCC nations will also benefit from the World Bank’s ability to facilitate dialogue between the parties concerned.
The technical co-operation between the World Bank and the GCC countries began 40 years ago.
The World Bank is also looking to gain from the Gulf in the field of supporting the development efforts to enrich its global experience, to address the development challenges faced by middle and high income countries.
