2019 Article IV Consultation-Press Release; Staff Report


2019 Article IV Consultation-Press Release; Staff Report

Relations with the Fund

(As of February 28, 2019)

Membership Status: Joined on September 8, 1972, Article VIII on June 4, 1973

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Outstanding Purchases and Loans: None

Projected Payments to Fund

(SDR million; based on existing use of resources and present holdings of SDRs):

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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 = US$1.00 since July 2001, 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 during February 4–21, 2018. The staff report was considered by the Executive Board on May 18, 2018 and published on May 30, 2018.

FSAP and ROSC Participation

FSAP missions were conducted in 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 during 2006–7. 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 in 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

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Resident Representative: None

Relations with the World Bank Group

(As of February 2019)

Cooperation with Qatar began in 2003 with a Public Transport Sector Reform study followed by a Labor Market Strategy in 2004. Over the subsequent years, 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) the results of which were discussed at several high-level workshops.

In 2011, the government, represented by the Ministry of Finance, signed the Framework Agreement for Advisory Services with the Bank in order to facilitate development of the Reimbursable Advisory Services program to benefit various public entities. Since then, the Bank assisted the Planning and Statistics Authority to prepare the mid-term review of the National Development Strategy (NDS 2011–16), and the second NDS (2017–22) focusing on key challenges including labor and sustainable development, service delivery and institutional development, diversification and private sector development.

Building on cooperation to help prepare the new NDS, the World Bank has helped enhance SME access to government contracts through upgraded procurement, improve early childhood education, modernize the national payment system, develop Central Bank tools for macro-prudential stress testing of the banking sector, and upgrade the business regulatory environment.

Dialogue is underway for possible support to improve the efficiency and effectiveness of public spending in the health and education sectors, build a suitable health insurance system, develop regulations for water and electricity service delivery, and further upgrade business regulations.

Statistical Issues

(As of March 2019)

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Table of Common Indicators Required for Surveillance

(As of March 2019)

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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. The data are currently based on incomplete sources due to capacity limitations.