Qatar to cancel loans to boost private sector growth By Reuters

ABU DHABI (Reuters) – Qatar is planning initiatives to boost private sector growth in the Gulf state, including canceling some loans granted to Qatari companies during the COVID-19 pandemic, state media reported late on Wednesday.

The Cabinet called for the preparation and implementation of a package of initiatives to increase the participation of the private sector in the national economy, Qatar News Agency reported, based on the directives of Emir Sheikh Tamim bin Hamad Al Thani.

The initiatives are meant to provide support to private companies struggling to recover from the pandemic and strengthen the private sector as part of the government’s plans to diversify the economy, create jobs and attract investment.

Loans to Qatari firms under the National Response Guarantee Program are to be waived, and companies will also be able to access short-term financing to fund working capital, according to the statement.

Qatar, one of the world’s largest exporters of liquefied petroleum gas, has accelerated efforts to diversify its economic sectors and revenue streams, but remains dependent on gas revenues for government revenue.

The latest initiatives align with Qatar’s Third National Development Strategy 2024-2030.