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Sunday, 6 August 2017

Qatar to continue tapping reserves and borrowing to support economy - The National

Qatar to continue tapping reserves and borrowing to support economy - The National:

"Qatar is set to continue to tap its foreign currency reserves and borrow abroad to support its economy, as the world’s biggest liquefied natural gas exporter seeks to stem an economic slowdown following more than two months of a political and economic rift with four Arab states, economists said. Qatar’s woes began on June 5 when the UAE, Saudi Arabia, Bahrain and Egypt severed diplomatic relations with Doha and cut off air, sea and land access to the country over its support for “terrorist groups aiming to destabilise the region”. The dispute is the most serious between GCC members since the organisation’s creation in 1981.   “An escalation of the crisis could result in more damage to the Qatari economy, especially if the Arab states impose additional punitive economic measures,” said Ayham Kamel director of the Middle East and North Africa region at Eurasia Group. “The central bank will have to provide liquidity and manage to address increases in the withdrawal of foreign deposits.""



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