The Qatari Businessmen Association (QBA) lauded the directives of His Highness the Amir Sheikh Tamim bin Hamad al-Thani to the Supreme Committee for Crisis Management in a media statement yesterday.
The QBA board, headed by its chairman HE Sheikh Faisal bin Qassim al-Thani, said the measures “reflect a sublime human sense, wise, and responsible behaviour by His Highness towards the people and everyone who lives in Qatar.”
The QBA statement stated that it also “touches strikingly with the accuracy and sensitivity of the difficult stage that our country and the rest of the world is going through as a result of the spread of corona pandemic, and its serious repercussions on the business environment and the global economy in general, as it translates in word and action the wisdom of great leadership, its insightful vision, its rapid response, and its responsible handling of the crisis with a high national sense and high responsibility.”
The QBA noted that Qatar adopted a wide range of precautionary measures to control the transmission and spread of the epidemic, and set an example for many countries in the world to follow, “which is consistent with the supreme national interest, and with the general policies of the state and its vision that prioritises the human being and his safety above all else.”
The QBA board stressed that the important economic decisions announced by the Supreme Committee for Crisis Management would give Qatar’s business environment and private sector “a huge support, and reduce the size of the economic impact wrought by the pandemic.”
The board, likewise, praised His Highness the Amir’s call to provide the private sector with financial and economic incentives worth QR75bn, which will support the financing needs of the private sector and help it continue its work efficiently and maximise its role in sustainable development projects, reducing the pressure and financial burden on small and medium-sized enterprises (SMEs).
The QBA also commended the instructions of the Qatar Central Bank to postpone loan instalments for six months, in addition to directives to reduce the burdens and operating expenses on companies in the hospitality, retail, tourism, commercial complexes, logistical areas, and sales outlets by granting exemptions from electricity and water fees for six months.
“This will be reflected on the social level of reassurance and solvency of the purchasing power of the citizen, the residents, and members of society. This is in addition to supporting the stock market and the general investor market by directing government funds to increase their investments on the Qatar Stock Exchange by QR10bn,” the statement said.
The QBA board said the bundle of economic incentives will be reflected on the business environment in Qatar through economic growth rates and on all other economic indicators, including the current account and balance of payments and inflation rates, “as it will give strong signals of the robustness of the Qatari economy, the high financial solvency of the financial and banking systems, and important signals on the flexibility and speed of decision-making to face urgent challenges, and the wisdom in making bold and difficult decisions in critical times.”
Sheikh Faisal said the world is currently experiencing a crisis due to the rapid spread of the corona virus. He said this puts the world in front of “a great challenge, and a real test of the human race.”
“It provides an important human lesson on how to deal with crises, and ways to deal with them with minimal damage…the measures and procedures that the state of Qatar has followed in dealing with the crisis represented an advanced model, and a civilised situation that reflects years of preparation, work, education, and effort, utilising and maximising capabilities, and investing in people first,” Sheikh Faisal emphasised.
Members of the QBA are constantly coordinating with the authorities regarding any economic developments, and are always ready to support the government’s plans to address the current situation, the statement added.
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