Qatari Finance Minister: Revenue Drop Temporary
Qatari Finance Minister Ali Ben Ahmed Al-Kuwari affirmed that the financial policies adopted by Qatar over the past years have enabled the country to effectively manage the repercussions of the current crisis and the decline in energy revenues. During the first quarter, budget results and GDP contracted by 70% and 25% respectively. Nevertheless, Qatar was able to navigate the crisis by establishing a Sustainability Fund, strengthening Central Bank reserves, settling debts, and reducing debt ratios. This decline in revenues is considered temporary and is expected to be offset next year, providing opportunities for sustained high economic growth in the future. The country's strategy also focuses on diversifying income sources, ensuring sustainable investments for future generations, and developing the local economy, with Qatar Investment Authority continuing to expand its international investments. Al-Kuwari highlighted the importance of investing in artificial intelligence and establishing regulatory frameworks to face challenges such as cyber-attacks. He emphasized the need for fiscal discipline and balancing investment with debt reduction, noting that the debt-to-GDP ratio decreased from 70% to 42% during the recent period, all aimed at maintaining national economic stability and preparing for upcoming shocks.
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