The Emir H H Sheikh Hamad bin Khalifa Al Thani yesterday said Qatar would be less affected by the global financial crisis than other developing nations because there was no shortage of liquidity.
“The consequences of the world crisis on the state of Qatar will be less than on many of the other developing countries, because the banks and monetary institutions in Qatar enjoy a high monetary cover,” the Emir said while addressing the 37th ordinary session of the Advisory Council in Doha.
“In addition to that, the increase in the oil and gas production will compensate the fall in their prices, if that fall continues, and the monetary reserve of the government will help satisfy the needs of the country if necessary,” he said.
The Emir reiterated that the global crisis did not prevent Qatar from going about its development work in accordance with the goals that have already been set, QNA reported.
“I would like to affirm in this respect that the international crisis did not prevent us from carrying on with the realisation of sustained development according to the goals set for it - achieving economic and financial stability, establishing a sound monetary policy and a monetary cover that is efficient and safe of risks, improve the monetary services of the State,” the Emir said.
Qatar’s national economy too achieved high rates of growth in 2007, he said. “The gross national product grew by about 25 percent during that year. The role of the non-petroleum sector was satisfactory, where it grew at a rate higher than that of the oil sector,” he stated.
He also reiterated the country’s commitment to diversify its economy from oil and gas to a knowledge driven one.
“We look forward to achieving further progress in our projects that are related to the economy and the citizen who is the axis of development and its main concern, especially that related to legislations organising the family and the child affairs,” the Emir said.
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