HE Minister of Finance Ali bin Ahmed Al Kuwari said that a comprehensive multilateral approach to dealing with crises is important. He added that Its prominence emerged during the Covid-19 pandemic, which affected all countries.
HE Al Kuwari stressed that the world would be better if conflicts were resolved by peaceful means during his participation in the session "Economic Crises and Coordinated Global Recovery Efforts: Towards An Inclusive Multilateralism" that was held Sunday at the Doha 2022 Forum, with the participation of the International Monetary Fund (IMF) Managing Director Kristalina Georgieva.
Regarding the current crisis and the ongoing war in Ukraine, His Excellency indicated that the solution lies in ending the crisis through peaceful means, noting that all efforts should be within this framework.
He pointed out that putting more pressure and sanctions on Russia should take into account the goals and objectives that were imposed for it, which is achieving peace. His Excellency noted that this can be achieved through mediation, highlighting that it's something Qatar wants to do to help reach a peaceful resolution.
On the rise in oil, gas, and food prices as a result of the ongoing war in Ukraine, His Excellency pointed out the need to study the reasons for the rise in these products His Excellency said that there is currently a shortage of oil supply in global markets estimated at 2 million barrels a day, which led to the increase in prices.
He also noted that the world is witnessing a shortage of gas supplies, and that it would take years to bring the market to balance. His Excellency added that the State of Qatar is linked to long-term contracts, and that the country would need four to five years to raise its production capacity by 60 percent.
HE Al Kuwari stressed the need for energy prices to be fair for both producers and consumers. His Excellency also highlighted the world's need for stable and fair prices that both suppliers and buyers can support. His Excellency also said that the world needs more solidarity and think about future generations, especially in terms of sustainability in various fields. His Excellency stressed that it's the responsibility of everyone to ensure a more sustainable world for future generations.
In turn, IMF Managing Director Kristalina Georgieva stressed that comprehensive multilateralism is the approach for dealing with crises, noting the shock suffered by the world, which is still recovering from the repercussions of Covid-19 during the war in Ukraine, which ravaged various economic expectations, as the world hoped to reduce inflation rates and increased growth to find themselves in an opposite situation.
The geopolitical tensions create great pressure on recovery efforts so it is important not to lose sight of the group that will pay the price, namely the poor, she said, noting that sanctions were the correct approach.
She said that the world will pay the price for this war, especially in light of the large flows of Ukrainian immigrants. The number of displaced people from Ukraine has reached 3 million people highlighting the need to end this war, she said.
She explained that the unprecedented sanctions were necessitated by the view that the war was an unprecedented. The IMF Managing Director also said that the world, despite its great financial capabilities, has become more fragile in the face of challenges and crises, and everyone needs to think about the rights of future generations.
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