World Bank: New Programme to boost Mitigation in Qatar’s Financial System

The Qatar Central Bank (QCB) and the World Bank launched Friday a technical cooperation programme to further strengthen financial oversight in Qatar. The programme will better enable the QCB to identify and mitigate the buildup of risks in the financial system. This, in turn, will help ensure that the financial system is more resilient to global economic and financial shocks.

“We continue to upgrade our systems and capacity to manage risks and maintain financial stability in our banking system,” said Deputy Central Bank Governor Sheikh Fahd Al-Thani.

One of the key goals identified in the 2011-2016 Qatar National Development Strategy is to expand macro-prudential oversight in Qatar. Under this technical cooperation programme , the World Bank will assist the QCB in improving its monitoring and assessment of risks to financial system stability following latest trends in this domain and based on international best practice.

“As the leading global development institution, the World Bank aims to enhance Qatar’s benefit from available services and experiences so that Qatar continues to fulfil its key role in economic development in the GCC, the Arab world, and globally,” said Merza Hasan, World Bank Group Executive Director and Dean of the Board.

Technical cooperation between the World Bank and countries of the Gulf Cooperation Council (GCC) began over forty years ago. This cooperation is beneficial to both the GCC countries and the World Bank. GCC countries strive to learn from the Bank’s global knowledge and operational experience in economic development, rely on its objective advice, and benefit from its ability to facilitate dialogue among stakeholders. The World Bank also benefits from its experience in supporting development efforts in the GCC to further enrich its global experience, gain more exposure to the development challenges of high and middle income countries, and deliver global public goods.