Private sector companies and many businesses in Qatar welcomed the government’s decision to support and provide financial and economic incentives amounting to QR75bn along with a series of other measures aiming to support the private sector.
Amir H H Sheikh Tamim bin Hamad Al Thani chaired a meeting of the Supreme Committee for Crisis Management at the National Command Centre on Sunday to follow up on all developments and precautionary measures to combat the spread of COVID-19. During the meeting many decisions were taken, which also included providing financial and economic incentives amounting to QR75bn to the private sector.
The other decisions included Qatar Central Bank (QCB) to put in place the appropriate mechanism to encourage banks to postpone loan installments and obligations of the private sector with a grace period of six months; Qatar Development Bank (QDB) to postpone the installments for all borrowers for a period of six months; Qatar Central Bank is to provide additional liquidity to banks operating in the country and exemption in customs duties and rent holidays for warehouses and logistics for six months. All these measures work as a big support for private companies. The incentives, benefits and support extended by the government will boost the growth of the economy. Also, the QR10bn, which will be injected into the Qatar’s capital market (through Qatar Stock Exchange), will also help the small and medium enterprises and regain the confidence of businesses and investors on the Qatari economy. These initiatives reflect on how much the leadership cares about people and supports businesses and the economy as a whole.
Qatar Chamber Chairman H E Sheikh Khalifa bin Jassim bin Mohammed Al Thani said that private sector employers are dealing with the current conditions related to the coronavirus with great responsibility.
He praised the measures made by some entities in the country such as banks that postponed the due payments or reduced commissions on loans, noting that many semi-governmental institutions exempted various commercial stores and eateries from rental values.
The QR75bn stimulus package will support the financing needs of the private sector to continue its work efficiently and maximise its role in sustainable development projects. It will also reduce the pressure and financial burden on small and medium-sized companies. Qatar has strengthened its efforts that are based on sound planning and right vision to implement an integrated system of procedures and measures aimed at protecting the society from the dangers of coronavirus. Qatar’s economy is robust. The macroeconomic fundamentals are strong. Qatar has successfully overcome the impact of the unjust blockade and will once again prove its resilience to the impact of the coronavirus.
