Doha: The Supreme Committee for Crisis Management (to combat COVID-19), presided by the Amir H H Sheikh Tamim bin Hamad Al Thani yesterday, decided to provide a whopping QR75bn stimulus package to the private sector. Additionally, QR10bn will be injected to boost the country’s capital market.
Briefing the high-power committee's decisions, Lolwah Al Khater, Assistant to Minister of Foreign Affairs and official spokesperson of the Foreign Ministry told the media yesterday, the Qatar Central Bank (QCB) will be urged to put in place an appropriate mechanism to encourage banks to postpone loan repayments and the private sector’s other obligations to the banks, for a period of six months.
The Supreme Committee also directed Qatar Development Bank (QDB) to postpone the installments of all borrowers for a period of six months. It wanted government funds to increase their investments in Qatar Stock Exchange (QSE) by QR10bn. As per the decision, QCB will provide additional liquidity to banks operating in the country.
In another major relief to the food industry, the worst hit sector after the COVID-19 outbreak, the Supreme Committee exempted the food industry from customs duties for a period of six months, provided it is reflected in the selling price to the consumer. The medical goods will also be exempted from customs duties for a period of six months.
The Committee decided to exempt Hospitality and Tourism sector, retail sector, Commercial Complexes and Logistics areas from electricity and water bills for a period of six months.
Another major decision by the Supreme Committee was to exempt Qatar’s emerging logistics zones and Small and Medium Enterprises (SMEs) from rents for a period of six months.
