Qatar Central Bank, World Bank Launch Two Programs of Technical Cooperation

Doha, April 19 (QNA) - Qatar Central Bank and the World Bank launched today a program for technical cooperation in the US capital of Washington to strengthen financial supervision in the State of Qatar. The program will allow the Central Bank to identify risks in the financial system and will mitigate them, which will support the increased flexibility in the financial system of the State in the face of the global economic and financial shocks. Regarding this program HE the Deputy Governor of the Central Bank of Qatar Sheikh Fahad Bin Faisal Al Thani said that the bank continues to update its regulations and abilities to manage risk and maintain financial stability in Qatar banking system. According to a press release issued by the Qatar Central Bank today that under this program, the World Bank will help Qatar Central Bank to improve its performance in monitoring and evaluating the risks that threaten the stability of the financial system following the latest trends in this area, and based on international best practices as of one of the main goals set by the National Development Strategy of the State of Qatar 2011-2016 is to expand the prudential supervision. Talking about the program HE Executive Director and Dean of the Board of Executive Directors at the World Bank Group Dr. Merza Hasan said that the World Bank, as a global development institution aims to strengthen the benefit of the State of Qatar from the services and expertise available to continue playing a key role in the economic development in the Gulf Cooperation Council. The statement said that this cooperation will benefit all of the GCC countries and the World Bank as the GCC countries are seeking to learn from the Bank's global knowledge and practical experience in economic development, and to depend on the Bank's advice and benefit from its ability to facilitate dialogue between the parties concerned. The Technical Cooperation between the World Bank and the countries of Gulf Cooperation Council began 40 years ago. The World Bank also benefit from gaining experience in the field of supporting the development efforts in the Gulf Cooperation Council to enrich its global experience, to address the development challenges faced by middle and high income countries and to provide global public goods. (QNA)