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International Monetary Fund. Asia and Pacific Dept

. While acknowledging that the current balanced budget rule has been instrumental in maintaining prudent fiscal policy, they saw merit in an integrated medium/long-term fiscal framework that could include countercyclical fiscal policy, along with the planned Macao Investment and Development Fund (MIDF) that is managed and governed under international standards. Directors noted that such a framework will help increase efficiency in the use of fiscal reserves, ensure that priority spending supports the diversification agenda and fosters inclusion, and help ensure long

International Monetary Fund. Asia and Pacific Dept

against shocks. Policies . There are three top policy priorities. First, higher public investment and further targeted social spending—including education spending to boost human capital—would support the diversification agenda and foster inclusion. Second, a medium/long-term fiscal framework would facilitate efficient use of gaming-dependent fiscal resources. Third, the exchange rate peg continues to serve Macao SAR well and should be maintained, including via prudent fiscal policy, and maintaining a sound financial sector and adequate reserves. In

International Monetary Fund. Middle East and Central Asia Dept.

Monetary Fund Front Matter Page QATAR STAFF REPORT FOR THE 2012 ARTICLE IV CONSULTATION December 18, 2012 Key Issues Economic prospects . After having successfully completed its 20-year investment program to commercialize its substantial natural gas resources in 2011, Qatar has embarked on an infrastructure investment program in the nonhydrocarbon sectors, advancing its ongoing diversification agenda. Real GDP growth is projected at 6.6 percent in 2012, driven mainly by nonhydrocarbon sector growth of 9 percent. Average inflation is expected to

International Monetary Fund. Middle East and Central Asia Dept.

public financial management (PFM) reforms and greater transparency. Directors noted that a PFM assessment and a fiscal transparency evaluation would be useful. Directors reiterated the importance of decisive structural reform implementation in the context of the authorities’ economic diversification agenda. They emphasized the pivotal role of continuing improving business climate, investing in infrastructure, strengthening property rights, enhancing competition, and streamlining state support. Further improvements in governance and reducing corruption vulnerabilities

International Monetary Fund. Western Hemisphere Dept.

introduce several policies and reforms aimed at insulating the economy from future commodity price and other macroeconomic shocks. This has involved, inter alia , strengthening the fiscal framework, enhancing financial sector supervision, and reinvigorating the diversification agenda. Economy and Outlook Following a period of lackluster performance, evidence suggest that a nascent recovery is beginning to take hold . The pick-up in natural gas production which began during the second half of last year, continued into the first half of 2018 with positive spill

International Monetary Fund. African Dept.

financial sector inclusion to support the diversification agenda. In the short term, the authorities expect their actions in the fiscal area, notably the clearance of arrears, to have a positive impact on banks’ balance sheets and liquidity position. Going forward, measures will be taken to improve the regulatory framework. As well, financial inclusion will be enhanced, including through the development of mobile banking. Efforts to promote economic diversification will be further stepped up with the implementation of the NDP, which is being finalized. It aims notably

International Monetary Fund. Western Hemisphere Dept.

address the decline in domestic energy production, while reforms are also in train to reignite the diversification agenda. The authorities reiterate their appreciation for the fruitful discussions and policy recommendations put forth by staff in this year’s Article IV consultation, and look forward to continued engagement with the Fund. 1 The fiscal year starts in October of the previous year. 2 International reserves do not include assets held in the HSF. 3 An alternative clean fuel for transportation, power generation and household use. 4

International Monetary Fund. Middle East and Central Asia Dept.

III. Financial Deepening and Local Currency Debt Market Development in Qatar 1 Developing the local currency debt market is becoming an important policy priority for Qatar. Among others, domestic debt market can help reduce Qatar’s reliance on foreign funding in the current uncertain global environment and facilitate funding for the large infrastructure investment program as Qatar advances its diversification agenda. Qatar has made notable progress in primary market development for government securities. Qatar would benefit from further developing its

International Monetary Fund. Middle East and Central Asia Dept.

contribute to the Government’s development plans by supporting the private sector to advance economic diversification and growth agenda, particularly in the non-extractive sectors and frontier regions. In the short term IFC is focusing on strengthening the financial sector, both in the context of the post-crisis recovery and as a prerequisite to pursue the diversification agenda, and infrastructure development, including via Public Private Partnerships (PPPs). As regards to infrastructure, IFC’s PPP Transaction Advisory team is helping the government structure the first

International Monetary Fund

diversification agenda seems desirable . The update should build on the lessons learnt in the implementation of the current PRSP. 1 IMF document number EBD/06/118 and IDA document number 37319-STP. 2 Law number 8/2004 for Oil Revenue Management was approved by the National Assembly in November 2004 and published in December 2004. The law establishes an account–the National Oil Account–in which all oil revenues are deposited directly, introducing specific mechanisms to restrict the amount of such revenues that can be used for annual budgetary expenditures