The timely support by the government has helped immensely in quick recovery of Qatar’s economy from the impact of COVID-19. Amir H H Sheikh Tamim bin Hamad Al Thani, directed on March 15, 2020, to initiate a set of decisions and measures, including a whopping QR75bn stimulus package to the private sector, besides QR10bn was injected to boost the country’s capital market.
Implementing Amir’s directives to provide financial and economic incentives to the private sector to mitigate the economic consequences of the COVID-19, Qatar Central Bank (QCB) had put in place an appropriate mechanism directing all banks to postpone loan repayments for a period of six months, which was extended last April for another similar period. This decision included exemption of rent for some sectors, electricity and water fees, and exemption of custom duties on food and medical goods were extended due to new wave of COVID-19.
As the country has made great progress in containing the spread of COVID-19, through effective medical care and successful vaccination campaign, the government’s incentive initiatives have also proven effectives in helping the businesses, especially small and medium firms, in facing the impacts of COVID-19 pandemic.
Realizing the importance of the government package for the private sector the Shura Council yesterday recommended, during its regular weekly meeting, the need for continuing the government economic packages program and extending the support as the COVID-19 pandemic and its economic damage may last for a longer period. In its recommendations, the Council called for encouraging government and semi-government agencies and banks to launch initiatives for the private sector during the pandemic period, specifically by facilitating and simplifying procedures for obtaining the benefits of the approved subsidy from economic packages directly.
It also recommended expanding the circle of beneficiaries of the economic packages and government support to include various economic activities such as productive farms and similar economic sectors.
The Shura Council recommended facilitating the conditions for establishing facilities in the industrial zone, and called for postponing the decision on increasing the rental value and reconsidering that increase, and fixing the terms of contracts for the lands of the industrial zone in a way that does not cause confusion to the beneficiaries of those lands and does not result in an increase in the prices of goods and services.
It can be inferred without doubt that the support for the private sector through the ongoing economic packages, since the start of COVID-19 has contributed to reducing the impact of pandemic on businesses.
