As for 2018, HE the minister of finance said that the proposal for the financial budget for 2018 was discussed during a session held yesterday. He added that the importance of focusing on the Qatari economy was emphasized.
In this context, a different initiative will be launched to promote the private sector and provide support for the areas which need support, especially food security and infrastructure, HE the minister said, adding that that the projects that have been set up will be fulfilled by 2022.
HE Al Emadi said that Qatar has healthy growth that goes on in full swing, adding that he thinks that oil prices can be as high as $60 per barrel, which could provide a surplus. He declared that $45 a barrel is the average price they keep in mind. HE Al Emadi revealed that he believes that the non-oil sectors and the private sector will grow by 2.5 to 3 percent in 2018, which is a relatively distinct growth.
Regarding the negative effects of the siege, HE the minister of finance noted that this crisis has undoubtedly caused challenges for the State of Qatar, especially in the area of food security, medicine, and raw materials. He pointed out that when looking at the crisis from a different angle, the State of Qatar has a leading role in other fields such as energy, infrastructure, export, and LNG. He stressed that the State of Qatar was able to establish competitive entities for those in the GCC countries, especially in the field of food security (poultry and dairy), but for the purposes of integration Qatar decided to go to other sectors.
HE Al Emadi pointed out that the policy in the Gulf countries was based on integration, where the Gulf countries combine an integrated economic policy, adding that they were aiming at the single currency and a common market. In this context, the State of Qatar imported dairy products and poultry from neighboring countries and did not think that the siege will be imposed on it. He declared that in the future, regardless of the ugly and good results of the siege, he believes the economic reality in Qatar will be very different from what it was before the siege.
Regarding the government's priorities concerning dairy products, HE the minister of finance pointed out that the local production of dairy products at the beginning of the siege was 8 to 9 percent, and after six months it reached 40 percent. He added that concerned authorities in the state have clear directives from HH the Emir, that there are files to be met and completed in time, there is no room for error, especially dairy products and food security which are ranked first in terms of priorities in these files, and believed that by 4 June 2018 the State of Qatar will reach to 100 percent of self-sufficiency of products dairy products.
HE Al Emadi stressed that there are also other sectors in which the state works, considering the establishment of poultry farms, announcing in this regard that work on this matter had begun a week ago, but it has not been officially announced and is scheduled to be officially announced in a timely manner. He added that food security will not reach 100 percent in Qatar, but it will be self-sufficient, and any possible risks that come to light will be foiled so that what Qatar has been witnessing for six months now does not happen again.
As for the country's financial market, HE Al Emadi stressed the steadfastness of the State of Qatar and its economy and the ability to overcome the impacts of any relapses. He noted that during the siege, there has been indicators showing a rise in the value of some currencies against the riyal, besides the so-called swap of debt repayment and some manipulation of these swaps, which was associated with leaks of people in the siege countries. Despite this, HE the minister said, the state took all necessary measures to address these events and was able to overcome them.
He pointed out that the State of Qatar has many resources that strengthen its economy, adding that although it seeks to achieve economic diversification, the oil and gas sector remains the most important in the State of Qatar and the country has proved during this period that it is trusted by everyone as it supplies the global market with energy sources and has not delayed the delivery of any LNG or oil shipment.
HE Al Emadi stressed that the State of Qatar has become able to recover from setbacks and has provided energy to many countries in the world as well as one of the siege countries that Doha provides with 30 to 40 percent of its energy needs.
If the State of Qatar believes that there is any danger to its economy, HE the minister said, it will ensure that there are no mistakes, stressing that the state is aware that its economy is flexible and able to adapt to the circumstances and overcome any challenges.
HE the minister of finance said that looking at the financial and economic situation of Qatar would show that the arrangements and measures taken by the country during the siege and its ability to overcome its repercussions confirms its success and ability to deal with crises.
As for international investment, HE the minister of finance said the State of Qatar is poised to exploit the surplus in its budget and benefit from it in the long term in many investment opportunities, noting that it is good to have a profitable return from such investments. Qatar has proved to be an important player in the domestic and international market, and Qatar Investment Authority and its activities puts the country in a good and strong position, he added.
On Qatar's hosting of the 2022 FIFA World Cup, HE Al Emadi said that Qatar will host the tournament and is committed to implementing all the necessary projects in this regard, noting that several World Cup projects were opened during the siege and the other projects are progressing at an accelerated pace.
He added that nearly 65 percent of the World Cup projects have been completed and a sufficient share of the budget was allocated for these projects in 2018.
HE Al Emadi said that the first World Cup host venue was completed and unveiled this year five years ahead of the tournament, which shows the success of the infrastructure. He also pointed to the projects that will be completed later on according to the schedule, while those that will continue until 2022 and beyond will be projects that need longer time such as rail and metro lines.
HE the minister stressed that Qatar does not see any challenge in the provision of housing for fans coming to attend World Cup matches. (QNA)
