Qatar writes off loans to boost the private sector

State media reported late Wednesday that Qatar plans initiatives to boost the private sector in the Gulf state. This includes writing off some of the loans made to Qatari businesses during the COVID-19 Pandemic.

Qatar News Agency reported that the Cabinet had called for a package to be prepared and implemented in order to increase the participation of the private sector in the economy. This was based on the directives of Emir Sheikh Tamim Bin Hamad Al Thani.

These initiatives aim to support private companies that are struggling to recover after the pandemic, and to strengthen the private sector in line with government plans for diversifying the economy, creating jobs, and attracting investment.

The statement said that loans to Qatari companies under the National Response Programme will be discontinued. Companies can also access short-term financing to finance their working capital.

Qatar, one the top exporters in the world of liquefied gas, has increased its efforts to diversify revenue streams and economic sectors, but remains dependent on gas revenues for government income.

The new initiatives are in line with Qatar's Third National Development Strategy, 2024-2030. Reporting by Rachna uppal, Editing by Tom Hogue

(source: Reuters)