Qatar tightens grip on lending

Qatar tightens grip on lending:

"Qatar is requiring state companies to obtain Finance Ministry approval before borrowing from banks as the world’s richest country per capita seeks to rein in debt.

The central bank informed lenders last month of the new rule for government bodies and state-owned businesses, said a Finance Ministry official. The new rule excludes state-run Qatar Petroleum and its subsidiaries.

Qatar’s gross debt reached 36% of gross domestic product as of last year, the highest among the six Gulf Co-operation Council members and more than Iraq’s 34%, according to the International Monetary Fund.

The country wants to trim public debt as it invests $200bn in stadiums, roads, commuter trains and a new port in preparation for the 2022 soccer World Cup."

'via Blog this'