The International Monetary Fund expects Qatar's real GDP to reach 2.7 percent in 2021, supported by increased gas production, the recovery of domestic demand, the speedy provision of Coronavirus vaccines, and the end of the pandemic.
The IMF praised the rapid measures taken by the State of Qatar to limit the spread of the Coronavirus and mitigate its repercussions on the local economy. Noting that the Qatari authorities' immediate response to the virus at the policy level led to the mitigation of the economic impacts of the shocks. He also noted the effectiveness of adopting a package of financial and economic stimulus measures worth 75 billion Qatari riyals to support the economy.
IMF noted that the Qatar Central Bank provided a window to buyback, with zero interest, amounting to 50 billion Qatari riyals, which provided abundant liquidity in the banking system, which led to the strengthening of credit available to the private sector. The fund also praised the importance of the credit guarantee program, with a total value of 5 billion Qatari riyals, noting the program’s role in providing direct support to small and medium enterprises and protecting jobs. The fund also noted the opportunity for the families and business sectors to postpone the repayment of outstanding loan installments until the end of the year, as well as to benefit from exemption from rental and public utility fees. Revealing the contribution of these measures to maintaining confidence in the economy, mitigating shocks on the business and household sectors, and continuing to respond to health care needs.
Source (Al-Raya Qatari newspaper, Edited)
