Qatar Economic Forum/ QCB Governor: Riyal’s Dollar Peg Is Appropriate for Qatar’s Economy

HE Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani said that pegging the Qatari riyal to the dollar is appropriate for the financial and economic situation of the State of Qatar, stressing the need to ensure a balance between price stability, growth, and financial stability.

Speaking at a session titled "What is Next for Inflation?" of the Qatar Economic Forum on Wednesday, His Excellency explained that there is no urgent need to change this policy, pointing out that the impact of inflation included many countries of the world, as it reached highest levels in decades.

He also pointed out that the past three months witnessed a decline in inflation in several countries of the world, adding that central banks around the world have no choice but to return inflation to the specified level, as inflation is considered the enemy of the economy and harms families. He stated that inflation is declining.

HE Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani highlighted that the effects of monetary policy decisions on consumer price indices need some time to appear.

Source: Qatar News Agency

Qatar Economic Forum/ IMF Managing Director to QNA: Qatar’s Economy is Shining Example of Reforms

HE Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva hailed the performance of the Qatari economy, considering it a shining example of reforms and strong institutions that lead to diversified growth to create the future economy for the people of Qatar.

In exclusive remarks to Qatar News Agency , Her Excellency said that the contribution of the non-oil sector to the growth of the economy is the strongest in the Gulf region, which indicates that the diversification that has been followed over the past years is bearing fruit. Her Excellency pointed out a pledge under which Qatar contributes 20 percent of its Special Drawing Rights (SDR) so that the IMF can support low-growth countries as well as those most at risk in terms of climate shocks on concessional terms, which will not only bring financial resources to these countries but also carry Qatar's reform experience to them.

HE the IMF Managing Director highlighted well-known Qatar's generosity and leading role in supporting vulnerable countries, considering the pledge that was announced today would allow the Fund to expand lending to low-income countries, in addition to expanding lending to countries vulnerable to shocks as a result of climate, so that that they could build more flexibility in the economy, deal with floods, droughts, and other forms of climate-related natural disasters.

Her Excellency expected a slowdown in global economic growth in 2023, which is expected to remain weak over the next five years. In that regard, Her Excellency said that this slowdown will indeed affect Qatar's economy, yet the Qatari performance has been very good in diversifying its economy, as it is the strongest among the GCC countries in terms of non-oil economic growth, and according to the IMF vision, and as a result, Qatar will continue to grow at a rate that exceeds the global growth. As for the GCC countries as a whole, it is a bright spot in the global economy.

HE Managing Director of the IMF Kristalina Georgieva stressed that the GCC countries had done well in investing in resources derived from oil and gas, saying that the outstanding thing that the GCC countries have done is investing in human capital, education, health care and creating a dynamic, strong, and more flexible private sector in a faltering global economy.

Concluding her remarks to QNA, Her Excellency pointed out that Qatar Economic Forum is an opportunity to listen to leaders of the financial, business, and government communities in the region and understand the vision here and how to translate it on the ground. Her Excellency said that on the economic side, there are strong partnerships with the GCC countries, in particular, to support more flexible policies toward comprehensive economic growth.

Source: Qatar News Agency

NIHR Chairman holds meeting with US Congress delegation

Chairman of the National Institution for Human Rights (NIHR), Ali Ahmed Al-Derazi, today held an induction meeting with a delegation from US Congress staff, who are on an official visit to the kingdom.

During the meeting, attended by several members of the Council of Commissioners at NIHR, Al-Derazi briefed the delegation about the NIHR's role in promoting, consolidating and protecting human rights in the kingdom, as well as its efforts to follow up on issues related to human rights, in accordance with the terms of reference stipulated in its establishment law.

He stressed the importance of such visits in collecting first-hand and correct information about the human rights situation in the kingdom.

Source: Bahrain News Agency

Justice Minister receives Sri Lankan Ambassador

Justice, Islamic Affairs and Endowments Minister, Nawaf bin Mohammed Al-Maawda, received here today the Sri Lankan Ambassador to Bahrain, Rethesree Wigertney Mendes.

The minister lauded the distinguished level of the Bahraini-Sri Lankan relations, hailing the steady growth of bilateral cooperation across various fields.

The two sides reviewed topics of mutual interest, and discussed ways to enhance joint cooperation in the judicial field.

Source: Bahrain News Agency

BDF Commander-in-Chief receives IISS Executive Director

Field Marshal Shaikh Khalifa bin Ahmed Al Khalifa, Commander-in-Chief of the Bahrain Defence Force (BDF) met with retired Lt. Gen. Sir Tom Beckett, Executive Director International Institute for Strategic Studies(IISS) - Middle East.

The meeting was also attended by Lieutenant-General Abdullah bin Hassan Al Nuaimi, Defence Affairs Minister.

The Commander-in-Chief welcomed Sir Beckett, noting the efforts of the IISS in conducting research work, studies and consultancy and organising key international forums.

Source: Bahrain News Agency