QATAR has received appreciation from global institutions for swift and timely measures to limit the spread of COVID-19 and support companies and individuals affected by its outbreak. The International Monetary Fund (IMF) recently lauded Qatar’s timely response to the COVID-19 pandemic by announcing a massive stimulus package to infuse confidence in local economy. The Fund, in its official blog, noted that Qatar is one of the countries in the region that has already introduced targeted measures to combat the social and economic impact of COVID-19. Earlier, World Health Organisation Director-General Dr Tedros Adhanom Ghebreyesus had also praised Qatar’s efforts to implement a comprehensive approach to control COVID-19. With the growing outbreak of coronavirus, and businesses taking a hit, Qatar’s government has implemented a series of measures to protect its economy. A financial package to provide incentives amounting to QR75bn has been injected to support the private business sector. Banks have been encouraged to postpone loan instalments from the private sector by extending grace periods to six months. Food and medical goods, small and medium-sized businesses, and the tourism and logistics industries are exempted from custom duties for a period of six months. Measures were also taken swiftly to ensure that schools and universities could shift to online learning, in an effort to slow the spread of the disease. General Authority of Customs, in implementation of the directive of Amir H H Sheikh Tamim bin Hamad Al Thani, has exempted 905 items of foodstuff and medical supplies from customs duties. Other than essential foodstuff, the list included vital medical supplies such as face masks, sterilizers, soap products, hygiene items etc. Qatar’s economy is strong enough to weather such short term shocks. In February 2020, the foreign merchandise trade balance of Qatar, which represents the difference between total exports and imports, showed a surplus of QR13.6bn. It shows the strength of country’s economy. Qatar is the best country in the region for entrepreneurs because of the business-friendly environment and proactive policies of the government. Qatar recently topped the region in terms of ease of starting and developing a business in the National Entrepreneurship Context Index (NECI) created by Global Entrepreneurship Monitor (GEM). The Index measures and ranks the ease of starting and developing a business in different countries. Qatar was also ranked first in the Arab world and seventh globally out of 128 countries at the Global Finance Safety index for 2019. The proactive policies and timely efforts will soon overcome the challenges posed by COVID-19.
