Al Emadi: Qatar is rich enough to face blockade
(MENAFN- The Peninsula) Agencies
Finance Minister H E Ali Sharif Al Emadi has said that the economic fundamentals of the State of Qatar are in a better position than its rivals and that Doha is rich enough to face the threats of the blockade.
Speaking to The Times newspaper, Al Emadi said the state's huge financial reserves, built on the sale of natural gas over decades, meant it could withstand sanctions.
"We have sovereign wealth funds of 250 percent of gross domestic product, we have Qatar Central Bank reserves, and we have a Ministry of finance strategic reserve," he told The Times.
Although credit ratings agencies have downgraded Qatar's assessment of its financial outlook, Ali Sharif said the country was rich enough to sustain despite sanctions. He compared Qatar with the status of Saudi Arabia, the United Arab Emirates (UAE), Bahrain and Egypt. "Bahrain and Egypt are at junk-bond level," he said.
"If you look at Saudi Arabia, they are having genuine issues with their finances. We are the fastest-growing country in the region, 40 per cent faster than the nearest Gulf Co-operation Council country.
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