Minister of Finance: We have developed a monetary fiscal policy to deal with the challenges
Saudi Finance Minister: We are proud of the development witnessed by Qatar
Director of International Monetary: The Gulf countries take the advice of the Fund seriously
Senior financial officials in the world praised the Qatari economy, describing it as representing stability in the global economy and supporting it at all levels. The Director of the International Monetary Fund, Ms. Kristalina Georgieva, announced that Qatar has achieved stability in the global energy market, which contributed to the stability and calm of the global economy.
His Excellency Mr. Mohammed bin Abdullah Al-Jadaan, Minister of Finance of the Kingdom of Saudi Arabia, praised the level of development witnessed by Qatar, and said, “We are proud of what the Qataris have achieved in this qualitative economic, developmental and social leap.”
His Excellency Mr. Ali bin Ahmed Al Kuwari, Minister of Finance, stressed that Qatar plays an important role in achieving stability in global energy markets. “Our energy supplies also contribute to the important role played by the region in stabilizing energy prices and quantities,” the minister said during a panel discussion on the sidelines of the forum. This role is becoming increasingly important, and the region is emerging as a key player in this regard.”
His Excellency Mr. Ali bin Ahmed Al Kuwari referred to the successful organization of a major sporting event such as the FIFA World Cup Qatar 2022 and said, “We presented the so-called “mega event” in the world of football. It was a message addressed to the whole world. The whole world was watching us between November And last December, we promised and kept our promise. It was the best version of the World Cup, the most successful version, and it was the first environmentally friendly version of the World Cup. Everyone who was present in Qatar and all the media, I appreciated the efforts made to organize the event, if this indicates anything that indicates the status of this The region of the world, to be able to host a major sporting event, this is a great indication of the ability of this region to play its role .. and there are already a lot of advantages in this region ».
He added, “We build our work according to the principle of sustainability.” If Qatar has its National Vision 2030, it also has a vision and endless ambition, which is “securing the future through the sustainability of systems and the sustainability of the Qatari economy. This is continuous and continuous work, and it is always a challenge for us.”
With regard to the Qatari financial system, he added, “We have developed a long-term monetary policy framework, which includes how to deal with the surplus, meaning what goes from it to the Qatar Investment Authority, what goes to the debt, and what is put in the reserve, and at the same time it includes details of financing the deficit, which is This will mitigate any emergency problems, and here we remember the year 2020 with the challenges it brought to the world alike.
Al-Kuwari said we have many advantages in Qatar, including first-class infrastructure and a strategic location in the heart of the world, linking east and west.
Regarding the role of the Cooperation Council, he said that the Gulf countries have made large investments that contributed to creating a favorable business environment for commercial sectors that supported direct foreign investments. He added that this achievement is not the result of efforts made overnight, but rather the result of a long-term strategic approach. As a result, the region is ahead of many advanced economies.
On the global economy, the Minister of Finance said that it is facing enormous challenges, be it on the side of GDP growth, inflation or debt. Adding that we firmly believe that the GCC countries can contribute and play a global role. He said that the Kingdom of Saudi Arabia plays an important role in the G20, while Qatar is actively participating in the political and economic fields. The world has changed, and the Gulf Cooperation Council now plays a distinguished and influential role, and assumes its responsibilities.
For his part, His Excellency Mr. Mohammed bin Abdullah Al-Jadaan, Minister of Finance of the Kingdom of Saudi Arabia, praised the level of development witnessed by Qatar, and said, “We are proud of what the Qataris have achieved in this qualitative economic, developmental and social shift. We are also proud of organizing the World Cup, and very proud of what happened during the World Cup.” The world.. This honors us and the Gulf region, and it is an example to follow for all countries in the region.
He stressed that this region of the world is a promising region, in the “full sense of the word,” despite its location near areas of geopolitical conflicts in some parts of the world, indicating that its economic policies are implemented according to long-term visions, and all coordination efforts have been made in it to reach a level like that. It exists today.
He said that the countries of the region, apart from their distinction in the field of infrastructure, the number of ports, and the overcrowding in their airports because they constitute a transit point between three continents, continue to invest in infrastructure, technology, and human capital, in order to increase their competitiveness, adding, “I am not singled out for mentioning Only the Gulf region, but I see that the Middle East region more broadly can be an example to follow in terms of economic growth and in how to achieve and diversify approaches with the rest of the countries and also in the field of diversifying the economy, although all of this should not stand in the way of training generations and accelerating the pace of growth ». .
In response to a question about economic diversification, His Excellency said that the Kingdom focuses on the issues of diversifying the economy and modernizing the educational system to keep pace with developments in the necessary skills. , in order to achieve plans and economic diversification program.
He stressed that the Saudi economy is growing steadily, and last year it achieved the largest growth rate in the Group of 20, amounting to 5.4 percent. 6 percent, which are all performance indicators.
For her part, Ms. Kristalina Georgieva, Director General of the International Monetary Fund, affirmed that Qatar has achieved stability in the global energy market, which contributed to the stability and calmness of the global economy. And she stressed that the Gulf countries take the Fund’s advice seriously
And she ruled out a rapid change in the status of the dollar as a global reserve currency, and attributed the reason for that to the strength of the US economy, despite its slow decline from 70% to just under 60% in global reserves, and she said, “This is understandable, as there are other currencies such as the euro, and the Australian dollar, which are currencies of countries.” strong.” Georgieva expected that the year 2024 would bring a decline in global inflation levels, and she said, in response to a question about the Fund’s warning to the United States that raising interest rates may cause a global recession, “We used to see a rise in inflation, but it is now declining, and core inflation due to food prices has not declined like it did before.” It should, what does that mean, it means that central banks have to maintain their approach because if they back down from interest rates early, then inflation will be a problem for a longer period in the face of growth.
