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Middle East and Central Asia > Qatar

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Cover Policy Papers
Poverty Reduction and Growth Trust: 2024 Borrowing Agreements with Belgium, Denmark, France, Japan, Korea, And Qatar
International Monetary Fund. Finance Dept.
and
International Monetary Fund. Legal Dept.
This paper presents the last six borrowing agreements that were concluded between October 2023 and February 2024 to provide new loan resources to the Poverty Reduction and Growth Trust (PRGT) as part of the loan mobilization round launched in July 2021 to support low-income countries (LICs) during the pandemic and beyond. Five of the six agreements use SDRs in the context of SDR channeling. Together these borrowing agreements provide a total amount of SDR 3.9 billion in new PRGT loan resources. The 2021 loan fundraising campaign was concluded successfully. It mobilized total contributions of SDR 14.65 billion from 17 PRGT lenders, well exceeding the SDR 12.6 billion loan target.
Keywords:
transparency policy; PRGT loan disbursement; loan resource; SDR interest rate assumption; loan pledge; Loans; Poverty reduction and development; SDR interest rate
Cover IMF Staff Country Reports
Peru: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
The Selected Issues paper focuses on productivity and growth in Peru. Firms have maintained smaller sizes to avoid the application of a profit-sharing legislation, which has resulted in lower productivity. After a decade of high economic growth averaging over 6 percent per year, potential growth has been falling since 2014. A much slower pace of investment and human has driven the decline capital accumulation, but most notably, a decline in total factor productivity growth. In line with the macroeconomic trends, firm-level productivity has worsened, and the decline has been broad-based across the economy. Special corporate tax regimes and labor legislations and regulations have created barriers to productivity growth. To raise productivity, policies will need to focus on reforming regulations that impose excessive costs to formalizing or growing a business. Down the line, introducing greater labor market flexibility would ensure that workers could transition to productive sectors of the economy and reduce labor informality.
Keywords:
El Niño shock; building RESILIENCE; B. Measuring productivity; B. artificial intelligence; total factor productivity growth; labor force complementarity; Climate change; Natural disasters; Productivity; Potential output; Artificial intelligence; Global; Caribbean
Cover Policy Papers
The Managing Director's Global Policy Agenda, Spring Meetings 2024: Rebuild, Revive, Renew
International Monetary Fund
The global economy has shown remarkable resilience, and appears headed for a soft landing. But buffers have been eroded, growth prospects are lackluster, and vulnerable countries are at risk of falling further behind. While inflation has fallen, it remains above target in many countries. Against this background, the key policy priorities are to: (i) rebuild buffers; (ii) revive medium-term growth; and (iii) renew the IMF’s commitment to ensure that our policies, lending toolkit, and governance are fit for purpose. Central banks need to finish the job on inflation, carefully managing its descent to target. With a soft landing in sight, policymakers’ focus needs to shift to fiscal consolidation to safeguard public finances. Reviving growth prospects will require accelerating structural reforms and joint efforts by countries to tackle transformational challenges. Firmly grounded in its mandate, working with its members, and in partnership with other international organizations, the IMF will continue to serve its members with policy advice, financial lifelines, and capacity development to help safeguard their economic and financial stability, a foundation for inclusive and sustainable growth.
Keywords:
Policy agenda; IMF surveillance; IMF-WTO dialogue; global Policy agenda; quota resource; lending capacity; Fiscal consolidation; Inclusive growth; Financial sector stability; Financial sector risk; Artificial intelligence; Global
Cover Policy Papers
Review of the Fund’s Capacity Development Strategy—Towards a More Flexible, Integrated, and Tailored Model
International Monetary Fund. Institute for Capacity Development
Capacity Development (CD), comprising technical assistance and training, fosters economic development by improving human capital and institutions in member countries. Every five years, the IMF reviews its CD Strategy to ensure that CD continues to be of high quality and well-focused on the needs of its members. This review calls for CD to become more flexible, integrated with the Fund’s policy advice and lending, and tailored to respond to member needs. The review benefitted from the recent independent evaluation of the Fund’s CD and a wide range of inputs, including internal and external consultations, surveys of recipients and development partners, staff background studies and recommendations of an External Advisory Group. The vision for CD is informed by the Fund’s comparative advantages and surveillance priorities. The proposals of the current review center around the six key areas: (1) strengthening CD prioritization and integration; (2) enhancing the funding model; (3) strengthening monitoring and evaluation; (4) modernizing modalities; (5) enhancing field presence; and (5) strengthening human resources policies for staff working on CD.
Keywords:
Capacity Development; Technical Assistance; Training; Institution; Priorities; Evaluation; Impact; Field Presence; Regional Capacity Development Center; Background Papers; CD personnel structure; CD priority; CD financing initiative; CD Strategy Review; CD governance; CD integration; CD relative; CD partner; strategy review; CD model; CD efficiency; CD stabilization mechanism; Comparative advantage; Artificial intelligence; Revenue mobilization; Climate change; Global
Cover Policy Papers
Resilience and Sustainability Trust―2024 Contribution Agreements with Belgium, Malta, Qatar, and Switzerland
International Monetary Fund. Finance Dept.
and
International Monetary Fund. Legal Dept.
This paper presents Resilience and Sustainability (RST) contribution agreements finalized with four contributors between October 2023 and March 15, 2024. The concluded agreements provide for contributions in a total amount of about SDR 1.2 billion across the three RST accounts – the loan account, deposit account, and reserve account. The new agreements with four members add critical resources that support the continued smooth operations of the RST.
Keywords:
Resilience and Sustainability Trust (RST); Contribution agreements; Resource adequacy; Funding; Contributions; transparency policy; deposit account claim; DA agreement; DA portion; DA contribution; DA assets; Loans; SDR interest rate
Cover Selected Issues Papers
From HydroCarbon to Hightech: Mapping the Economic Transformation of Qatar
Chandana Kularatne
,
Ken Miyajima
, and
Dirk V Muir
Qatar’s state-led, hydrocarbon intensive growth model has delivered rapid growth and substantial improvements in living standards over the past several decades. Guided by the National Vision 2030, an economic transformation is underway toward a more dynamic, diversified, knowledge-based, sustainable, and private sector-led growth model. As Qatar is finalizing its Third National Development Strategy to make the final leap toward Vision 2030, this paper aims to identify key structural reforms needed, quantify their potential impact on the economy, and shed light on the design of a comprehensive reform agenda ahead. The paper finds that labor market reforms could bring substantial benefits, particularly reforms related to increasing the share of skilled foreign workers. Certain reforms to further improve the business environment, such as improving access to finance, could also have large growth impact. A comprehensive, well-integrated, and properly sequenced reform package to exploit complementarities across reforms could boost Qatar’s potential growth significantly.
Keywords:
Economic diversification; economic transformation; Qatar; structural reform; sequenced reform package; growth model; growth impact; Qatari small and medium-sized enterprises; emission reduction target; private sector development; Labor market reforms; Labor force participation; Women; Climate finance; Global
Cover Selected Issues Papers
2022 FIFA World Cup: Economic Impact on Qatar and Regional Spillovers
Aidyn Bibolov
,
Ken Miyajima
,
Sidra Rehman
, and
Tongfang Yuan
Qatar hosted the 2022 FIFA World Cup (WC) successfully and took the opportunity to further develop its non-hydrocarbon economy. Near-term contributions to Qatar’s economy, from visitors’ spending and WC-related broadcasting revenue, of up to 1 percent of GDP was comparable to cross-country experiences. The event generated positive regional economic spillovers as a sizeable share of spectators stayed in and commuted from neighboring GCC countries. Longer-term contributions were significant—the large investment in general infrastructure ahead of the WC drove much of the non-hydrocarbon sector’s growth in the past decade. The high-quality infrastructure and global visibility brought by the WC should be leveraged to further promote diversification and achieve the National Vision 2030.
Keywords:
Economic diversification; economic transformation; Qatar; structural reform; FIFA World Cup; broadcasting revenue; Qatar's economy; WC spectator; World Cup broadcasting right; Public investment spending; Capital spending; Production growth; Spillovers; Tourism; Global; Asia and Pacific
Cover IMF Staff Country Reports
Qatar: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
The 2023 Article IV Consultation highlights that Qatar’s decade-long efforts to diversify the economy culminated into the successful hosting of the 2022 FIFA World Cup. Banks are well capitalized, liquid, and profitable, with the capital adequacy ratio and return on equity at 19 and 14.6 percent, respectively, in the second quarter of 2023. Banks’ nonresident deposits fell by more than one-third from the recent peak, partially replaced by higher public sector domestic deposits, reducing vulnerabilities amid tight global financial conditions. Structural reforms continue to progress, including to enhance protection and mobility of expatriate labor, improve the business environment, promote public–private partnerships, and further attract private investment through the residency program and broadened foreign ownership provisions. The pension scheme has been expanded to more Qataris in the private sector to promote private sector employment. If downside risks materialize, Qatar has strong policy buffers to mitigate the negative impact. On the upside, accelerated reform efforts guided by Third National Development Strategy could further promote diversification and boost potential growth.
Keywords:
LNG production expansion; money market rate; financial asset; IMF staff calculation; labor market dynamics; policy buffer; Fiscal stance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Public sector; Global; Middle East; North Africa; East Africa
Cover IMF Staff Country Reports
Qatar: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper aims to identify key reforms to accelerate Qatar’s economic transformation, estimate their impact, and shed light on the design of a comprehensive reform agenda. This paper starts by taking stock of Qatar’s progress in key reforms so far, identifying areas for further improvement, proposing structural reform measures, estimating the impact of key proposed reforms, and providing principles on the prioritization and sequencing of reforms. Qatar’s state-led, hydrocarbon intensive growth model has delivered rapid growth and substantial improvements in living standards over the past several decades. Guided by the National Vision 2030, an economic transformation is underway toward a more dynamic, diversified, knowledge-based, sustainable, and private sector-led growth model. The paper finds that labor market reforms could bring substantial benefits, particularly reforms related to increasing the share of skilled foreign workers. Certain reforms to further improve the business environment, such as improving access to finance, could also have large growth impact. A comprehensive, well-integrated, and properly sequenced reform package to exploit complementarities across reforms could boost Qatar’s potential growth significantly.
Keywords:
FIFA World cup; International Monetary Fund Washington, d.c; World Cup contribution; labor market dynamics; key reform; Labor market reforms; Labor force participation; Women; Climate finance; Global
Cover IMF Staff Country Reports
Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries
International Monetary Fund. Middle East and Central Asia Dept.
This paper on the Gulf Cooperation Council (GCC) discusses economic prospects and policy priorities for the GCC countries. A comprehensive package of policies should be implemented to respond to near-term shocks and uncertainty and to firmly address medium- and long-term challenges. In the near term, fiscal policy should remain prudent, avoiding procyclical spending and using the windfall from higher oil prices to rebuild buffers. Targeted and temporary fiscal measures could be undertaken to respond to shocks, if they materialize. In the medium term, GCC countries should continue pursuing fiscal consolidation consistent with ensuring intergenerational equity and sustainability, supported by a credible rules-based medium-term fiscal framework. Continued financial sector reforms are needed to support growth and stability. Structural policies should continue focusing on diversifying the economies away from hydrocarbon. Reform efforts aimed at further enhancing product market regulations, labor markets, and governance will spur growth, as will efficient investments in digital and green initiatives to accelerate transformation and support energy transition. The industrial policy should be carefully calibrated and not substitute for structural reforms while minimizing related inefficiencies.
Keywords:
Gulf Cooperation Council; GCC Countries; OPEC; GCC country; centrality indices; policies in the GCC; GCC net; GCC's acceleration; financial market; Inflation; Oil prices; Climate finance; Financial statements; Global; Middle East