Qatar anticipates to save around $50bn a year until 2017 to take its level of international reserves - including sovereign wealth assets - to the $485bn mark from the current estimate of $215bn, according to International Monetary Fund (IMF) figures.
The Qatari authorities have indicated that they would continue to formulate budgets based on conservative oil prices which, given the baseline assumptions for oil prices in the medium-term, would, in the IMF's estimation, enable continued large savings of about $50bn each year until 2017 through the Qatar Investment Authority, the Breton Woods institution said in its Article IV Consultation Report.
Surpluses are not excessive, and given the authorities' objectives of fully financing the budget from 2020 onwards, from non-hydrocarbon revenues, and building buffers against shocks, more saving in the medium-to-long term is warranted, mainly through a combination of containing current expenditure and prioritising capital expenditure, the IMF said.
Qatar's reserves to reach $485bn by 2017 | ConstructionWeekOnline.com
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