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7 March, 2018 08:38:39 AM
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Blockade impact on Qatar fading but risks remain: IMF

Independent Online Desk
Blockade impact on Qatar fading but risks remain: IMF

The economic and financial impact on Qatar of a nine-month Saudi-led blockade is fading, but some risks for the Gulf emirate remain, the International Monetary Fund has said.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut all diplomatic and tradeties with Qatar last June, closing its only land border and banning all flights to and from the emirate.

In a report released late Monday, the IMF said the effect of the blockade on economic activity in Qatar had been "transitory" as new trade routes were quickly established and growth remained positive.

Foreign financing and resident private sector deposits had fallen by $40 billion but that had been offset by cash injections by the central bank and the Qatar Investment Authority -- the emirate's sovereign wealth fund, it said.

Like other Gulf energy producers, Qatar has been hit by the slump in world oil and gas prices which has forced it to introduce austerity measures to balance its books.

A combination of the austerity measures and the blockade saw non-hydrocarbon growth fall to 4.0 percent in 2017 from 5.6 percent the previous year, the IMF said.AFP.

KK

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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