Qatar is coping with global economic crisis - Emir

The Emir of Qatar, Sheikh Hamad bin Khalifa al-Thani, has vowed that his country will continue to grow despite the impact of the current international financial crisis.

In comments in The Report Qatar 2009 published by the Oxford Business Group, the Emir said the nation's huge cash reserves and growing gas production would shield it from any further fall in energy prices.

Oil is currently staging a comeback, trading at close to $70 a barrel but that is still a long way from its peak prices of $147 in July last year.

He said the consequences of the global economic turmoil on Qatar will be less than on many developing countries because of the high capital adequacy and liquidity of the country’s banking system, reported Gulf Times on Wednesday.

“In addition, the increase in gas production will compensate for the fall in energy prices. If energy prices continue to fall, the monetary reserves of the government will help satisfy the needs of the country, if necessary,” he added in the new report.

“Therefore, I would like to affirm in this respect that the international crisis is not preventing us from carrying on with the realisation of sustained development according to our goals, achieving economic and financial stability, establishing a sound monetary policy and monetary cover that is efficient and free of risks and improving the domestic financial markets."

The Emir said Qatar’s national economy had continued to achieve high rates of growth, helped by the restructuring of the government.

At the launch of the report, OBG's regional editor Oliver Cornock said Qatar was in an “envious” spot as any country in the world could look at the country’s balance of payments position and its export growth in particular.

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