Abstract
QATAR
Title Page
QATAR
STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX
May 13, 2022
Prepared By
Middle East and Central Asia Department
(In Consultation with other Departments)
Contents
RELATIONS WITH THE FUND
RELATIONS WITH THE WORLD BANK GROUP
STATISTICAL ISSUES
RELATIONS WITH THE FUND
(As of April 30, 2022)
Membership Status: Joined on September 8, 1972, Article VIII on June 4, 1973
| General Resources Account | SDR Million | Percent Quota |
| Quota | 735.10 | 100.00 |
| Fund holdings of currency | 532.54 | 72.44 |
| Reserve position in Fund | 202.56 | 27.56 |
| General Resources Account | SDR Million | Percent Quota |
| Quota | 735.10 | 100.00 |
| Fund holdings of currency | 532.54 | 72.44 |
| Reserve position in Fund | 202.56 | 27.56 |
| SDR Department | SDR Million | Percent Allocation |
| Net cumulative allocation | 955.96 | 100.00 |
| Holdings | 981.77 | 102.70 |
| SDR Department | SDR Million | Percent Allocation |
| Net cumulative allocation | 955.96 | 100.00 |
| Holdings | 981.77 | 102.70 |
Outstanding Purchases and Loans: None
Projected Payments to Fund
(SDR million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal Charges/Interest | 0.01 | 0.01 | 0.01 | 0.01 | |
| Total | 0.01 | 0.01 | 0.01 | 0.01 | |
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal Charges/Interest | 0.01 | 0.01 | 0.01 | 0.01 | |
| Total | 0.01 | 0.01 | 0.01 | 0.01 | |
Implementation of HIPC Initiative: Not Applicable
Safeguards Assessments: Not Applicable
Exchange Rate Arrangement
Qatar has a conventional pegged arrangement and 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 and multiple currency practices. 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 24-March 10, 2019. The staff report was considered by the Executive Board on May 15, 2019, and published on June 3, 2019.
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
| Department | Date | Activity |
| 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 Direct Investment Survey |
| LEG | March 2014 | AML/CFT follow up |
| FAD | April 2014 | Macro-fiscal unit |
| LEG | November 2014 | Risk-based approach to AML/CFT |
| STA | November 2016 | SDDS Assessment Mission |
| STA | May 2017 | External Sector Statistics |
| LEG | June 2017 | AML/CFT Legislative Mission |
| STA | March 2018 | National Accounts Statistics |
| STA | May 2019 | E-GDDS |
| STA | May 2019 | Government Finance Statistics |
| Department | Date | Activity |
| 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 Direct Investment Survey |
| LEG | March 2014 | AML/CFT follow up |
| FAD | April 2014 | Macro-fiscal unit |
| LEG | November 2014 | Risk-based approach to AML/CFT |
| STA | November 2016 | SDDS Assessment Mission |
| STA | May 2017 | External Sector Statistics |
| LEG | June 2017 | AML/CFT Legislative Mission |
| STA | March 2018 | National Accounts Statistics |
| STA | May 2019 | E-GDDS |
| STA | May 2019 | Government Finance Statistics |
Resident Representative: None
Relations with the World Bank Group
(As of April 30, 2022)
World Bank Country Page:
https://www.worldbank.org/en/country/gcc/brief/qatar-country-program
Statistical Issues
(As of April 2022)
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. There is substantial scope for improving data frequency, timeliness and coverage. The most affected areas are fiscal statistics, international investment position and external debt statistics. |
| National Accounts: Qatar publishes quarterly estimates of GDP at current and constant prices compiled based on limited source data. Procedures used to benchmark the quarterly estimates to the annual estimates need improvements to be consistent with international best practice. The Planning and Statistics Authority (PSA) is in the process of producing new supply and use tables that can be used to improve the consistency of GDP estimates. |
| Price statistics: Qatar has been publishing monthly CPI data based on a basket with a significant share of rents. However, the rent component has limited geographic coverage and only reflects new contracts. |
| Real estate statistics: The QCB publishes an aggregate residential real estate monthly price index. The index covers only transactions made between private parties. Disaggregated indices are not available. The authorities are working on a measure of housing vacancies. |
| Government Finance Statistics: The authorities are implementing the Government Financial Management Information System (GFMIS) which will enable compilation of accrual fiscal accounts according to the Government Finance Statistics Manual 2001 (GFSM) guidelines. Detailed annual budget documents and quarterly budget performance reports for the central government were published in 2020-21, but limited information was provided on the 2022 budget. The fiscal coverage should be broadened to cover the general government and Qatar Investment Authority. |
| Monetary statistics: The QCB submits the monetary and financial statistics (MFS) for the Central bank and other depository corporations based on the Standardized Report Forms (SRFs). The MFS data are published in the International Financial Statistics on a timely basis. Qatar also reports data on some key series and indicators of the financial access survey (FAS), including the two indicators of the U.N. Sustainable Development Goals. |
| Financial Sector Surveillance: The QCB reports the Financial Soundness Indicators as part of the National Summary Data Page. |
| External Sector Statistics (ESS): The QCB reports quarterly balance of payments data with quarterly timeliness to STA, following the fifth edition of the balance of payments manual (BPM5). The financial account has been developed and coverage improved for major public corporations, the Qatar Financial Center Authority, and the Qatar Exchange. The last TA mission on ESS, conducted in 2017, assisted the PSA in developing a quarterly survey to collect data from the nonfinancial sector in order to produce a quarterly IIP statement and improve the coverage of the primary income and the financial account of the balance of payments. More work is required to ensure comprehensive coverage. Qatar does not participate in the Coordinated Direct Investment Survey. |
| External debt: Data on the country’s medium and long-term external debt are provided to missions during the Article IV consultation discussions. The debt office at the Ministry of Finance is collating information about public debt and debt of public sector enterprises. It would be useful to obtain financial statements of the public sector enterprises. The authorities are publishing data on public external debt on the QCB’s website. |
| II. Data Standards and Quality |
| Qatar has been a General Data Dissemination System (GDDS) participant since December 2005 and has implemented the e-GDDS reporting data via the National Summary Data Page. A SDDS assessment mission was conducted in 2016 by the Statistical Department of the IMF, which found that while eleven (out of 15) data categories met the SDDS requirements for coverage, periodicity, and timeliness, thus putting Qatar in a steady path towards SDDS subscription, further efforts were needed to meet the SDDS requirements. |
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision has some shortcomings but is broadly adequate for surveillance. There is substantial scope for improving data frequency, timeliness and coverage. The most affected areas are fiscal statistics, international investment position and external debt statistics. |
| National Accounts: Qatar publishes quarterly estimates of GDP at current and constant prices compiled based on limited source data. Procedures used to benchmark the quarterly estimates to the annual estimates need improvements to be consistent with international best practice. The Planning and Statistics Authority (PSA) is in the process of producing new supply and use tables that can be used to improve the consistency of GDP estimates. |
| Price statistics: Qatar has been publishing monthly CPI data based on a basket with a significant share of rents. However, the rent component has limited geographic coverage and only reflects new contracts. |
| Real estate statistics: The QCB publishes an aggregate residential real estate monthly price index. The index covers only transactions made between private parties. Disaggregated indices are not available. The authorities are working on a measure of housing vacancies. |
| Government Finance Statistics: The authorities are implementing the Government Financial Management Information System (GFMIS) which will enable compilation of accrual fiscal accounts according to the Government Finance Statistics Manual 2001 (GFSM) guidelines. Detailed annual budget documents and quarterly budget performance reports for the central government were published in 2020-21, but limited information was provided on the 2022 budget. The fiscal coverage should be broadened to cover the general government and Qatar Investment Authority. |
| Monetary statistics: The QCB submits the monetary and financial statistics (MFS) for the Central bank and other depository corporations based on the Standardized Report Forms (SRFs). The MFS data are published in the International Financial Statistics on a timely basis. Qatar also reports data on some key series and indicators of the financial access survey (FAS), including the two indicators of the U.N. Sustainable Development Goals. |
| Financial Sector Surveillance: The QCB reports the Financial Soundness Indicators as part of the National Summary Data Page. |
| External Sector Statistics (ESS): The QCB reports quarterly balance of payments data with quarterly timeliness to STA, following the fifth edition of the balance of payments manual (BPM5). The financial account has been developed and coverage improved for major public corporations, the Qatar Financial Center Authority, and the Qatar Exchange. The last TA mission on ESS, conducted in 2017, assisted the PSA in developing a quarterly survey to collect data from the nonfinancial sector in order to produce a quarterly IIP statement and improve the coverage of the primary income and the financial account of the balance of payments. More work is required to ensure comprehensive coverage. Qatar does not participate in the Coordinated Direct Investment Survey. |
| External debt: Data on the country’s medium and long-term external debt are provided to missions during the Article IV consultation discussions. The debt office at the Ministry of Finance is collating information about public debt and debt of public sector enterprises. It would be useful to obtain financial statements of the public sector enterprises. The authorities are publishing data on public external debt on the QCB’s website. |
| II. Data Standards and Quality |
| Qatar has been a General Data Dissemination System (GDDS) participant since December 2005 and has implemented the e-GDDS reporting data via the National Summary Data Page. A SDDS assessment mission was conducted in 2016 by the Statistical Department of the IMF, which found that while eleven (out of 15) data categories met the SDDS requirements for coverage, periodicity, and timeliness, thus putting Qatar in a steady path towards SDDS subscription, further efforts were needed to meet the SDDS requirements. |
Table of Common Indicators Required for Surveillance (As of April 2022)
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.
Table of Common Indicators Required for Surveillance (As of April 2022)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
| Exchange Rates | Mar 2022 | Apr. 2022 | M | M | M |
| International Reserve Assets of the Monetary Authorities1 | Mar. 2022 | Apr. 2022 | M | M | M |
| Reserve/Base Money | Mar. 2022 | Apr. 2022 | M | M | M |
| Broad Money | Mar 2022 | Apr. 2022 | M | M | M |
| Central Bank Balance Sheet | Mar. 2022 | Apr. 2022 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Mar. 2022 | Apr. 2022 | M | M | M |
| Interest Rates2 | Mar. 2022 | Apr. 2022 | M | M | M |
| Consumer Price Index | Mar. 2022 | Apr. 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 –General Government4 | ... | ... | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | Dec. 2021 | Feb. 2022 | Q | Q | Q |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2020 Q4 | Dec. 2021 | A | I | I |
| External Current Account Balance | 2021 Q4 | Mar. 2022 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2021 Q4 | Mar. 2022 | M | M | Q |
| Exports and Imports of Goods and Services | 2021 Q4 | Mar. 2022 | Q | Q | Q |
| GDP/GNP | 2021 Q4 | Mar. 2022 | Q | Q | Q |
| Gross External Debt | 2021 Q4 | Mar. 2022 | A | I | I |
| International Investment Position7 | ... | ... | NA | NA | 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.
Table of Common Indicators Required for Surveillance (As of April 2022)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
| Exchange Rates | Mar 2022 | Apr. 2022 | M | M | M |
| International Reserve Assets of the Monetary Authorities1 | Mar. 2022 | Apr. 2022 | M | M | M |
| Reserve/Base Money | Mar. 2022 | Apr. 2022 | M | M | M |
| Broad Money | Mar 2022 | Apr. 2022 | M | M | M |
| Central Bank Balance Sheet | Mar. 2022 | Apr. 2022 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Mar. 2022 | Apr. 2022 | M | M | M |
| Interest Rates2 | Mar. 2022 | Apr. 2022 | M | M | M |
| Consumer Price Index | Mar. 2022 | Apr. 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 –General Government4 | ... | ... | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | Dec. 2021 | Feb. 2022 | Q | Q | Q |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 2020 Q4 | Dec. 2021 | A | I | I |
| External Current Account Balance | 2021 Q4 | Mar. 2022 | Q | Q | Q |
| Exports and Imports of Goods and Services | 2021 Q4 | Mar. 2022 | M | M | Q |
| Exports and Imports of Goods and Services | 2021 Q4 | Mar. 2022 | Q | Q | Q |
| GDP/GNP | 2021 Q4 | Mar. 2022 | Q | Q | Q |
| Gross External Debt | 2021 Q4 | Mar. 2022 | A | I | I |
| International Investment Position7 | ... | ... | NA | NA | 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.