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Sunday, October 24, 2021

New financial strategy plan to ‘diversify, strengthen’ Qatar’s economy


The new plan focuses on economic diversification and strengthening Qatar’s financial and economic sectors. 

A new financial strategy plan for 2020-2022 was put forward by the Ministry of Finance at a cabinet meeting on Wednesday, in a bid to accelerate the progress of the Qatari economy amid testing times.

The plan includes three main sectors – financial, economic and common service – with each comprising a number of programmes and projects under their umbrella, in line with the Qatar National Vision 2030, which provides a framework in which national strategies and implementation plans can be developed.

The financial sector’s main target is creating modern public sector institutions that provide outstanding public services and achieve financial sustainability, according to a statement by the Minister of Justice and Acting Minister of State for Cabinet Affairs Dr Issa Saad al-Jafali al-Nuaimi.

This includes achieving stable state income, fiscal policies that maintain economic stability and prosperity, and effective management of state projects and quality capital assets. 

Programmes under the financial sector include draft reviews and regulation of state government fees and the Capital Expenditure Management Programme.

The new strategy aims to encourage entrepreneurship and new business opportunities and establish and develop a portfolio of investment projects for partnership projects between the public and private sectors. 

The statement said the economic sector’s primary target is a more competitive, productive and diversified economy, as well as a more dynamic private sector that contributes to the national economy.

Read also: More than 1,000 Qatari, Turkish companies exchange business opportunities

Meanwhile, the common services sector is designed to advance administrative performance by improving and securing infrastructure. The plan focuses on a complete digital transformation as well as installation of cyber security system projects. 

Qatar Vision 2030

The Qatar National Vision 2030 is a long-term blueprint for Qatar that aims to advance the country by diversifying its economy to make it more self-sufficient and less reliant on gas and other natural resources. 

The vision focuses on four key areas: human development, social development, economic development and environmental development.

Qatar has shown its commitment to diversification in recent years by investing in education, finance, foreign investments and providing various programmes and funds for entrepreneurs and local businesses.

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