Qatar is planning initiatives to boost private sector growth in the Gulf state. This includes writing off some loans to Qatari companies made during the COVID-19 pandemic, state media reported late Wednesday.
The Cabinet has called for the preparation and implementation of a package of initiatives to increase private sector participation in the national economy, Qatar News Agency reported, citing directives from Emir Sheikh Tamim bin Hamad Al Thani.
The initiatives are intended to provide support to private companies recovering 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 companies under the National Response Guarantee Program will be eliminated, and companies will also have the opportunity to obtain short-term funding to finance working capital, the statement said.
Qatar, one of the world’s largest exporters of liquefied natural gas, has accelerated efforts to diversify economic sectors and revenue sources but remains reliant on gas revenues for government revenues.
The latest initiatives are in line with Qatar’s Third National Development Strategy 2024-2030.
