Doha, June 21 (QNA) - HE Minister of Finance Ali bin Ahmed Al Kuwari said that the State of Qatar is targeting sustainability and good investment opportunities. His Excellency added that the country is showing a lot of discipline in dealing with economic changes in the framework of its medium-term forecasts, in order to respond appropriately to each scenario whether in booms or busts.
His Excellency was participating in Qatar Economic Forum, Powered by Bloomberg, in a session titled Diversifying for 21st Century Prosperity and said that the State of Qatar has a clear strategy when dealing with financial surpluses. His Excellency said when they increase, the surplus goes to investment funds or to pay down public debt, highlighting that the country would seize on an opportunity if it finds one.
He affirmed Qatar's commitment to the pillars of environment, governance and green financing, noting that Qatar has a realistic vision for the transition to green financing that reflects the importance of the environment and sustainability.
HE the Minister of Finance also spoke about inflation in Qatar, noting inflation levels were in a range of about 2.5 percent during the past few years, but reached 5.18 percent in May (on an annual basis) as a result of rising prices in the entertainment and culture component, which grew 30.79 percent. His Excellency said that the rise was understandable in light of the recovery in demand for travel and cinemas after a two-year closures due to the Coronavirus (COVID-19) pandemic.
He pointed out that the Ministry of Finance has sound policies and a disciplined approach that helps control spikes in inflation. He noted that inflation in Qatar, compared to some advanced economies that recorded levels above 9 percent, seems acceptable. His Excellency stressed that the state has many policies that can help navigate these crises.
In the same session, which HE Minister of Finance of Egypt Dr. Mohamed Maait took part in, HE Minister Al Kuwari said that ties between Qatar and Egypt were deep-rooted in history, highlighting that Qatar was a major investor in Egypt. His Excellency added that these strong and historic ties will continue. His Excellency added that investment is important in supporting countries and making returns to investors, which makes it perfect for creating a situation where everybody wins.
For his part, HE the Egyptian Minister of Finance said that Egypt is looking to increase GCC investments, including Qatari investments, in Egypt. He added that his country has a host of legislation and opportunities that encourages doing business. (QNA)
21 June 2022
/Qatar Economic Forum/ Minister of Finance: Qatar Targets Sustainability, Shows Discipline in Addressing Economic Changes
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