Marrakesh, HE Minister of Finance Ali bin Ahmed Al Kuwari emphasized the importance of the International Monetary Fund’s (IMF) efforts to find appropriate solutions to address the various challenges facing the world today.
His Excellency said that the State of Qatar works to ensure financial sustainability through growth-supporting fiscal control that increases savings for intergenerational equity while preparing for a smooth transition to energy and avoiding pro-cyclical fiscal policies.
He made these remarks during his participation in the meeting of finance ministers, central bank governors, and heads of financial institutions in the Middle East and North Africa, Afghanistan, and Pakistan. HE Governor of Qatar Central Bank (QCB) Sheikh Bandar bin Mohammed bin Saoud Al-Thani attended the meeting.
HE the Minister of Finance pointed out that the positive developments in financial development, including strong fiscal discipline supported by robust oil prices, the Ministry of Finance’s efforts to reduce
debt, and the macroeconomic indicators supported by structural reforms over the past few years, have resulted in positive sovereign credit rating decisions for the State of Qatar by international credit rating agencies.
His Excellency added that despite the economic resilience demonstrated by Qatar and the region in general, there is a significant need for financing, particularly when it comes to achieving the goals of the Paris Agreement, as many countries find it challenging to bear this burden on their own.
His Excellency underlined the importance of the international community and international financial institutions in providing timely and necessary financial support, adding that the IMF plays a crucial role through its Resilience and Sustainability Trust.
HE the Minister of Finance explained that creating more inclusive economies is crucial, and ensures that economies are more resilient and in a better position to confront shocks. He pointed out that the IMF can support the countries in the region by
drawing on lessons learned from experiences around the world and best practices and providing guidance to countries on the best ways to implement policies and reforms necessary to enhance comprehensive growth, with the need to adapt the advice to each country’s circumstances.
IMF Managing Director Kristalina Georgieva chaired the meeting, which was attended by several finance ministers, central bank governors, and heads of financial institutions from the Middle East, North Africa, Afghanistan, and Pakistan.
The Ministry of Finance and the Central Bank of Qatar represented the State of Qatar in the meeting, which discussed key strategic issues, economic growth in the region, future prospects, and the financial policy requirements to combat inflation.
The meeting took place on the sidelines of the Annual Meetings of the World Bank Group and the IMF, held from October 9 to 15 in Marrakech, Morocco.
Source: Qatar News Agency