OCT 13, 2017
International Monetary Fund (IMF) has praised the performance and robustness of the Qatari economy, reaffirming the country’s competence in and responsiveness to managing the blockade imposed on it by the Saudi-led group.
The comment came following a recent visit to Qatar by an IMF delegation headed by Mohammed El Qorchi.
The delegation also praised the level of coordination between the government entities in Qatar and their readiness to face any scenario.
“The impact on banks’ balance sheets was mitigated by liquidity injections by the Qatar Central Bank and increased public sector deposits,” Qorchi said in a statement.”These reactions reflected effective coordination and collaboration among key government agencies.”
Qorchi also said Qatar had acted quickly to reroute trade disrupted by the sanctions and establish new sources of food supply, easing fears of shortages, and that efforts to diversify sources of food and external finance were accelerating.
“The initial concern that trade disruptions could impact the implementation of key infrastructure projects has also been mitigated by the availability of an inventory of construction materials and of alternative sources of imports,” he said.
Commenting on the IMF statement, Qatar Central Bank (QCB) Deputy Governor Sheikh Fahad bin Faisal al Thani said the bank has implemented the latest global standards set by the IMF in issuing statements, ensuring highest standards of quality and transparency.
Sheikh Fahad said the bank recently amended the indices in its monthly and seasonal bulletins on the website to comply with special data dissemination standard known as SDDS, which includes indices on international reserves and liquidity in foreign currency.
“The bank has succeeded in maintaining the stability of the Qatari Riyal exchange rate and addressing the decline of non-resident deposits,” Sheikh Fahad said, adding that the banking sector in Qatar remains one of the best in the region, with strong capitalisation and high-quality assets.