Qatar’s
external debt is expected to reach nearly $90bn by the end of the year, as it
finances its massive gas projects, according to reports on Tuesday.
A
study by the Saudi American Bank Group (SAMBA) found that Qatar’s external
borrowing has tripled over the last four years and includes funding of gas
projects and a $10bn issued in 2009 to support its banks in the wake of the
global financial downturn.
“Total
external debt is expected to reach around $90bn at the end of 2010 which
represents a threefold increase since 2006,” SAMBA is quoted as saying in
a report by Emirates 24/7.
The
report added that the debt will represent 73 percent of Qatar’s GDP, down from
81.4 percent in 2009, the SAMBA study added.
Last
month, Qatar said it hopes its economy will grow by 21 percent next year.
“The
economy has grown 16 percent this year, and if prices stay stable in the $70
range, we expect it will grow 21 percent in 2011,” Finance Minister
Youssef Kamal told an investment forum.
“Next
year’s budget will be no less than this year’s. Forty percent of the budget
through 2016 will be allocated for infrastructure projects,” he said.
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