Doha, October 03 (QNA) - The State of Qatar and the Kingdom of Saudi Arabia signed a memorandum of understanding for cooperation in the finance sector.

The agreement was signed by HE the Qatari Minister of Finance Ali bin Ahmed Al Kuwari and HE the Saudi Minister of Finance Mohammed Aljadaan.

During the event, HE Minister Ali bin Ahmed Al Kuwari noted the importance of this agreement and its potential impact, saying "The signing of the MOU comes in recognition of the importance of exchanging expertise and information in the financial sector in order for each party to benefit from the other partys expertise, and to enhance and strengthen relations between our two nations in this field." For his part, the Saudi Minister of Finance said that the MoU is part of efforts to strengthen relations between Saudi Arabia and Qatar in the finance sector, including microeconomic policy, public sector laws, and legislation to enhance economic growth in the region.

The memorandum aims to support international standards of transparency through the exchange of documented financial information, within the framework of the two countries keenness to consolidate coordination and joint cooperation on regional and international issues in the finance sector. It also seeks to develop overall financial policies, analyze public financial data, and address climate change issues that are directly related to financial policies. (QNA)