Abstract
Qatar's economy is driven by high oil and natural gas prices and production, and remains strong with robust nonhydrocarbon growth. Its government has now shifted its focus to economic diversification and growth in nonhydrocarbon sectors through targeted infrastructure investments. The Executive Directors of the International Monetary Fund (IMF) noted the positive regional spillover effects of Qatar’s high growth, public spending, and increased financial assistance. The adoption of a three-year budget framework to help shield government spending from revenue volatility and enable better use of resources is welcomed.
Relations with the Fund
(As of October 31, 2012)
Membership Status
Joined: 09/08/72; Article VIII, 06/04/73
General Resources Account
| SDR Million | Percent Quota | |
| Quota | 302.6 | 100.00 |
| Fund holdings of currency | 204.18 | 67.48 |
| Reserve position in Fund | 98.42 | 32.52 |
| SDR Million | Percent Quota | |
| Quota | 302.6 | 100.00 |
| Fund holdings of currency | 204.18 | 67.48 |
| Reserve position in Fund | 98.42 | 32.52 |
SDR Department
| SDR Million | Percent Allocation | |
| Net cumulative allocation | 251.40 | 100.00 |
| Holdings | 268.61 | 106.92 |
| SDR Million | Percent Allocation | |
| Net cumulative allocation | 251.40 | 100.00 |
| Holdings | 268.61 | 106.92 |
Outstanding Purchases and Loans: None
Projected Payments to Fund
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
| 2011 | 2012 | 2013 | 2014 | 2015 | |
| Principal | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Charges/Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Forthcoming | |||||
| 2011 | 2012 | 2013 | 2014 | 2015 | |
| Principal | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Charges/Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Implementation of HIPC Initiative: Not Applicable
Safeguards Assessments: Not applicable
Exchange Rate Arrangement:
The Qatari riyal has been pegged to the U.S. dollar at QR 3.64 = $1.00 since July 2002, following an unofficial peg that was in effect since June 1980. Qatar has accepted the obligations under Article VIII, Sections 2, 3, and 4(a) and maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions. Qatar maintains exchange restrictions for security reasons, based on UN Security Council Resolutions, that have been notified to the Fund for approval under the procedures set forth in Executive Board Decision No. 144-(52/51).
Last Article IV Consultation:
The discussions for the previous Article IV consultation took place in Doha in November 2011. The Staff Report and its supplement were approved by the Executive Board on lapse of time basis on January 30, 2012. Qatar moved to a 12-month Article IV consultation cycle in 2007.
FSAP and ROSC Participation:
FSAP missions were conducted in January and May 2007. LEG conducted a detailed assessment of the Qatari anti-money laundering and combating the financing of terrorism (AML/CFT) framework against the Financial Action Task Force (FATF) 40+9 Recommendations, in February 2007. The report was also presented to the Middle East & North Africa Financial Action Task Force (MENAFATF) and the FATF and adopted by these organizations as their own mutual evaluation at their respective plenary meetings of April 2008 and June 2008. The final report was published on the Fund website and a ROSC was circulated to the Executive Board for information in September 2008.
Technical Assistance:
| STA | November/December 1994 | Multisector Statistics Mission |
| MAE | June 1995 | Financial Sector Reform |
| MAE | April 1997 | Reform of the Qatar Central Bank’s Legal Framework |
| MAE | September 1998/January 1999 | Introducing Government Bonds and Treasury Bills |
| STA | April 2000 | Real Sector Statistics |
| STA | May 2001 | Balance of Payments Statistics |
| STA | January 2005 | Multisector Statistics |
| STA | April 2006 | Government Finance Statistics |
| LEG | November 2006 | AML/CFT Pre-assessment |
| STA | April 2007 | GDDS Assessment |
| LEG | October 2009 | AML/CFT Long-Term Advisor |
| Providing TA. | ||
| STA | October 2010 | Balance of Payments Statistics |
| STA | September 2012 | Coordinated Portfolio Investment Survey |
| STA | November/December 1994 | Multisector Statistics Mission |
| MAE | June 1995 | Financial Sector Reform |
| MAE | April 1997 | Reform of the Qatar Central Bank’s Legal Framework |
| MAE | September 1998/January 1999 | Introducing Government Bonds and Treasury Bills |
| STA | April 2000 | Real Sector Statistics |
| STA | May 2001 | Balance of Payments Statistics |
| STA | January 2005 | Multisector Statistics |
| STA | April 2006 | Government Finance Statistics |
| LEG | November 2006 | AML/CFT Pre-assessment |
| STA | April 2007 | GDDS Assessment |
| LEG | October 2009 | AML/CFT Long-Term Advisor |
| Providing TA. | ||
| STA | October 2010 | Balance of Payments Statistics |
| STA | September 2012 | Coordinated Portfolio Investment Survey |
Resident Representative: None
Relations with the World Bank Group
(As of November 2012)
The program of cooperation with Qatar is relatively recent. It began in April 2003 with a Public Transport Sector Reform study. A manpower planning exercise launched in 2003 with the support of the World Bank evolved in 2004 into a Labor Market Strategy for Qatar which could serve as a model for the GCC countries with similar labor issues. In 2005, the World Bank provided technical assistance on payment systems to the Qatar Central Bank, in the context of supporting the development of payment and securities clearance and settlement systems in the Arab region through the Arab Payments and Securities Settlement Initiative, led jointly by the World Bank, the Arab Monetary Fund and the International Monetary Fund. In 2007, the Bank conducted a study on the Knowledge Economy (KE) Development in Qatar the results of which were discussed at several high-level workshops.
More recently, the Government, represented by the Minister of Economy and Finance, signed the Framework Agreement for Advisory Services with the Bank in order to further develop of the cooperation program. The Bank provided technical support to the government on a number of strategic issues including strategic planning, public-private partnerships, and macroeconomic modeling. A recently completed program with the Ministry of Business and Trade addressed the issues of improving business environment.
The Bank currently supports the Ministry of Environment to strengthen environmental policies and procedures consistent with the regional Gulf Environment Program and Action Plan (GEPAP), and expects to help develop a National Climate Change Strategy and Action Plan. The Bank also expects to support the General Retirement and Social Insurance Agency to enhance institutional capacity, sustainability of existing programs, and asset management.
The Bank has been helping the authorities prepare for and deliver the Convention of the Parties (COP 18) to the United Nations Framework Convention on Climate Change (UNFCCC) taking place in Qatar on November 26-December 7, 2012 and will continue to assist the authorities in this regard focusing on dryland agriculture and food security.
Completed Projects
Linking Qatar’s Medium-Term Development Strategy to the Annual Budget (FY10 and FY 11)
Economic Diversification Forum (FY10)
Support to Labor Market Strategy Action Plan: Implementation (FY10)
Knowledge Economy Strategy and Implementation Assistance (FY09)
Workshop on “Partnering for Value, Innovation and Job Creation: PPPs in the GCC” (FY06)
A macroeconomic modeling workshop (FY06)
Evaluation of Qatar’s Payments System (FY05)
Labor Market Strategy (FY04)
Investment Climate Workshop (FY04)
Public Transport Sector Study (FY03)
Statistical Issues
As of November, 2012
| I. Assessment of Data Adequacy for Surveillance |
| General: Economic data are broadly adequate for surveillance but there is substantial scope for improving their frequency, timeliness and coverage. The most affected areas are the real gross domestic product (GDP), financial accounts of the balance of payments, and external debt statistics. |
| National Accounts: Qatar publishes quarterly estimates of GDP at current and constant prices. The accuracy of data in the nonhydrocarbon sector is undermined by the lack of comprehensive source data. In July 2011, Qatar Statistics Authority (QSA) published the final annual series of nominal and real GDP data for 2004 and 2009. |
| Price statistics: There have been some improvements in the compilation of the consumer price index (CPI). The authorities are now publishing monthly CPI data based on a reweighted and rebased (2007=100) basket, but the index remains deficient. The information related to domestic rents—which form a sizeable share of the basket—is based on field visits by QSA staff in Doha and nearby areas. In that respect, there are plans to rebase the CPI to the year 2012, after the full response of the latest household survey is received, and the newly based CPI is likely to place a lower weight on the rent component. |
| Government Finance Statistics: The authorities presented to the mission, Government budget and outcomes data according to Government Finance Statistics Manual 2001 (GFSM) guidelines. However, budget data should be rendered consistent with the data on public sector in the monetary survey and the balance of payments. Data on financing items in the budget are not up to date. Access to this information along with data on the budget outcome for previous fiscal years would enhance the basis for analysis. |
| Monetary statistic: Monetary data for Qatar Central Bank (QCB) and commercial banks are generally timely and of high quality. The QCB reports monetary data regularly to STA for publication in International Financial Statistics (IFS) on a monthly basis with a lag of about three weeks. Monthly and quarterly data are also published in the Monthly and Quarterly Statistics Bulletin. |
| Financial stability: Qatar Central Bank published and disseminated its third Financial Stability Report in 2012, and plans to make it an ongoing process. |
| Balance of Payments: Since the 2010 technical assistance mission on balance of payments statistics, as well as the participation of STA staff in the 2011 Article IV Consultation, the authorities are publishing quarterly BoP data in the International Financial Statistics (IFS). The financial account has been developed and coverage improved for major public corporations, the Qatar Financial Center Authority, and the Qatar Exchange. Continuing efforts are needed to further develop data sources, particularly for the private sector. To this end, close collaboration with the QSA in the development of surveys is strongly encouraged. In addition, close monitoring of investment income is needed, particularly for foreign investments in the hydrocarbon sector. The authorities presented the mission with a partial compilation of an International Investment Position (IIP) statement for the period June 2012. They need to continue their efforts to develop their external sector statistics by working towards a comprehensive IIP. The 2012 TA mission on CPIS will facilitate the process. |
| External debt: Detailed data on the country’s medium- and long-term external debt are provided to missions during the Article IV consultation discussions. In the recent period, Qatar has issued several international bonds. The authorities are disseminating data on external debt through the QCB website. It is important to improve the information flow on external debt and its maturity profile. The MoEF is according priority to the collation and dissemination of complete data on external debt (including government, government enterprises, and non-government corporates). |
| II. Data Standards and Quality |
| Qatar is a General Data Dissemination System (GDDS) participant since December 2005. The GDDS mission of April 2007 updated the GDDS Summary Table II Data Coverage, Periodicity, and Timeliness; assessed dissemination practices relative to the requirements of the Special Data Dissemination Standard (SDDS) for coverage, periodicity, and timeliness; and identified major milestones that Qatar would have to reach to graduate from the GDDS to the SDDS. To enhance data dissemination practices, staff assisted the authorities in developing a National Summary Data Page (NSDP) and an Advance Release Calendar (ARC). |
| I. Assessment of Data Adequacy for Surveillance |
| General: Economic data are broadly adequate for surveillance but there is substantial scope for improving their frequency, timeliness and coverage. The most affected areas are the real gross domestic product (GDP), financial accounts of the balance of payments, and external debt statistics. |
| National Accounts: Qatar publishes quarterly estimates of GDP at current and constant prices. The accuracy of data in the nonhydrocarbon sector is undermined by the lack of comprehensive source data. In July 2011, Qatar Statistics Authority (QSA) published the final annual series of nominal and real GDP data for 2004 and 2009. |
| Price statistics: There have been some improvements in the compilation of the consumer price index (CPI). The authorities are now publishing monthly CPI data based on a reweighted and rebased (2007=100) basket, but the index remains deficient. The information related to domestic rents—which form a sizeable share of the basket—is based on field visits by QSA staff in Doha and nearby areas. In that respect, there are plans to rebase the CPI to the year 2012, after the full response of the latest household survey is received, and the newly based CPI is likely to place a lower weight on the rent component. |
| Government Finance Statistics: The authorities presented to the mission, Government budget and outcomes data according to Government Finance Statistics Manual 2001 (GFSM) guidelines. However, budget data should be rendered consistent with the data on public sector in the monetary survey and the balance of payments. Data on financing items in the budget are not up to date. Access to this information along with data on the budget outcome for previous fiscal years would enhance the basis for analysis. |
| Monetary statistic: Monetary data for Qatar Central Bank (QCB) and commercial banks are generally timely and of high quality. The QCB reports monetary data regularly to STA for publication in International Financial Statistics (IFS) on a monthly basis with a lag of about three weeks. Monthly and quarterly data are also published in the Monthly and Quarterly Statistics Bulletin. |
| Financial stability: Qatar Central Bank published and disseminated its third Financial Stability Report in 2012, and plans to make it an ongoing process. |
| Balance of Payments: Since the 2010 technical assistance mission on balance of payments statistics, as well as the participation of STA staff in the 2011 Article IV Consultation, the authorities are publishing quarterly BoP data in the International Financial Statistics (IFS). The financial account has been developed and coverage improved for major public corporations, the Qatar Financial Center Authority, and the Qatar Exchange. Continuing efforts are needed to further develop data sources, particularly for the private sector. To this end, close collaboration with the QSA in the development of surveys is strongly encouraged. In addition, close monitoring of investment income is needed, particularly for foreign investments in the hydrocarbon sector. The authorities presented the mission with a partial compilation of an International Investment Position (IIP) statement for the period June 2012. They need to continue their efforts to develop their external sector statistics by working towards a comprehensive IIP. The 2012 TA mission on CPIS will facilitate the process. |
| External debt: Detailed data on the country’s medium- and long-term external debt are provided to missions during the Article IV consultation discussions. In the recent period, Qatar has issued several international bonds. The authorities are disseminating data on external debt through the QCB website. It is important to improve the information flow on external debt and its maturity profile. The MoEF is according priority to the collation and dissemination of complete data on external debt (including government, government enterprises, and non-government corporates). |
| II. Data Standards and Quality |
| Qatar is a General Data Dissemination System (GDDS) participant since December 2005. The GDDS mission of April 2007 updated the GDDS Summary Table II Data Coverage, Periodicity, and Timeliness; assessed dissemination practices relative to the requirements of the Special Data Dissemination Standard (SDDS) for coverage, periodicity, and timeliness; and identified major milestones that Qatar would have to reach to graduate from the GDDS to the SDDS. To enhance data dissemination practices, staff assisted the authorities in developing a National Summary Data Page (NSDP) and an Advance Release Calendar (ARC). |
Qatar—Table of Common Indicators Required for Surveillance
(As of November 30, 2012)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Includes external gross financial asset and liability positions vis-a-vis nonresidents.
Qatar—Table of Common Indicators Required for Surveillance
(As of November 30, 2012)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | Nov. 2012 | Nov. 2012 | M | M | M |
| International Reserve Assets of the Monetary Authorities1 | Sep. 2012 | Nov. 2012 | M | M | M |
| Reserve/Base Money | Sep. 2012 | Nov. 2012 | M | M | M |
| Broad Money | Sep. 2011 | Nov. 2012 | M | M | M |
| Central Bank Balance Sheet | Sep. 2012 | Nov. 2012 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Sep. 2012 | Nov. 2012 | M | M | M |
| Interest Rates2 | Sep. 2012 | Nov. 2012 | M | M | M |
| Consumer Price Index | Oct. 2012 | Nov. 2012 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | … | … | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | 2012/13 (upto Oct) | Nov 2012 | Q | I | I |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2012 | Nov 2012 | A | I | I |
| External Current Account Balance | 2012 Q 2 | Nov 2012 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2012 Q2 | Nov 2012 | Q | Q | Q |
| GDP/GNP | 2012 (Q2) | Oct. 2012 | Q | Q | Q |
| Gross External Debt | 2012 | Nov 2012 | A | I | I |
| International Investment Position7 | June. 2012 (incomplete) | Nov. 2012 | I | I | NA |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Includes external gross financial asset and liability positions vis-a-vis nonresidents.
Qatar—Table of Common Indicators Required for Surveillance
(As of November 30, 2012)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | Nov. 2012 | Nov. 2012 | M | M | M |
| International Reserve Assets of the Monetary Authorities1 | Sep. 2012 | Nov. 2012 | M | M | M |
| Reserve/Base Money | Sep. 2012 | Nov. 2012 | M | M | M |
| Broad Money | Sep. 2011 | Nov. 2012 | M | M | M |
| Central Bank Balance Sheet | Sep. 2012 | Nov. 2012 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Sep. 2012 | Nov. 2012 | M | M | M |
| Interest Rates2 | Sep. 2012 | Nov. 2012 | M | M | M |
| Consumer Price Index | Oct. 2012 | Nov. 2012 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | … | … | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | 2012/13 (upto Oct) | Nov 2012 | Q | I | I |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2012 | Nov 2012 | A | I | I |
| External Current Account Balance | 2012 Q 2 | Nov 2012 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2012 Q2 | Nov 2012 | Q | Q | Q |
| GDP/GNP | 2012 (Q2) | Oct. 2012 | Q | Q | Q |
| Gross External Debt | 2012 | Nov 2012 | A | I | I |
| International Investment Position7 | June. 2012 (incomplete) | Nov. 2012 | I | I | NA |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Includes external gross financial asset and liability positions vis-a-vis nonresidents.