Qatar Reaffirms Robust Economy at IMF and World Bank Meetings
Qatar's economic outlook remains positive, according to the Qatari delegation attending the Annual Meetings of the International Monetary Fund and the World Bank in Washington DC.
During the sessions, US private and governmental representatives were given an in-depth insight into Qatar's resilient financial and banking sector. Discussions also focused on the continuing and growing opportunities for US investors and businesses in Qatar, and bilateral trade relations between the two countries. Qatar remains one of the largest trading partners of the US in the Middle East region, with imports increasing by 29% in 2016. New laws and regulations are also being introduced in Qatar to improve the business environment and further enhance private sector growth.
Qatar's Minister of Finance, H.E. Ali Shareef Al-Emadi commented: "Qatar's budget deficit is expected to decline over the next few years, and economic prospects remain promising. Qatar remains one of the most attractive markets for investors, with favorable investment opportunities across key sectors." Recent measures introduced by our government aim to support continued investment and promote incentives for private companies and international investors looking to expand to the region. "Qatar and the US have long enjoyed a strong and mutually beneficial relationship, and our attendance at the Annual Meetings of the IMF and World Bank was an opportunity to further strengthen our relationship with US investors and stakeholders and highlight the avenues for collaboration," he concluded.
Last June, neighboring countries imposed an air, sea and land blockade on Qatar, which remains in place more than four months later. However, according to Sheikh Abdulla Bin Saoud Al-Thani, Governor of the Qatar Central Bank, the embargo has not adversely affected the nation's economic fundamentals. "The Qatar Central Bank took timely and decisive action in mitigating the impact on banks' balance sheets through liquidity injection and increasing public sector deposits when the blockade was imposed," he said. "Macroprudential indicators for the banking sector remain healthy."
The Qatari delegation was led by H.E. Ali Shareef Al-Emadi, Minister of Finance and included H.E. Sheikh Abdulla Bin Saoud Al-Thani, Governor of Qatar Central Bank, and members of Qatar's financial sector.