Qatar to write off loans to boost private sector growth By Reuters

ABU DHABI (Reuters) – Qatar is planning initiatives to boost private sector growth in the Gulf state, including writing off some loans to Qatari companies made during the COVID-19 pandemic, state media reported late on Wednesday.

The cabinet called for the preparation and implementation of a package of initiatives to increase the participation of the private sector in the national economy, the Qatar News Agency reported, based on directives from Emir Sheikh Tamim bin Hamad Al Thani.

The initiatives aim to offer support to private companies struggling to recover from the pandemic and strengthen the private sector as part of government plans to diversify the economy, create jobs and attract investment.

Loans to Qatari firms under the National Response Guarantee Program are to be phased out and companies will also be able to access short-term financing to fund working capital, according to the statement.

Qatar, one of the world’s largest exporters of liquefied natural gas, has accelerated efforts to diversify economic sectors and revenue streams, but remains dependent on gas revenue for government revenue.

The latest initiatives are in line with Qatar’s Third National Development Strategy 2024-2030.

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