Sheikh Faisal bin Qassim Al Thani, QBA Chairman
Doha: The Board members of the Qatari Businessmen Association (QBA) yesterday wholeheartedly welcomed the decision of the Supreme Committee for Crisis Management to combat COVID-19, which was presided by the Amir H H Sheikh Tamim bin Hamad Al Thani, to take the necessary measures to avoid the human and economic impacts of the new Corona outbreak.
The QBA meeting, chaired by Sheikh Faisal bin Qassim Al Thani, QBA Chairman, said the decision reflects the true statesmanship. The way the country handling the situation, at a time when the entire world is going through tough times, is really appreciative, the meeting observed. The rapid response from the leadership will help address the serious repercussions on the business environment and the knock-on effects of the global slowdown on local economy.
The QBA board members added that the important economic decisions announced by the Supreme Committee for Crisis Management concerning the Precautionary Procedures for Corona Virus, would give the business environment and the private sector in Qatar huge support, and minimize the potential economic shock expected from the outbreak. The announcement to inject QR75bn into the local economy will support the financing needs of the private sector and help continue its role in the country’s economic diversification program.
The decision to urge Qatar Central Bank and directives to the local banks to extend the loan prepayment period of SMES and other sectors, will be reflected on the social level of reassurance and improve the purchasing power of both the citizens and the residents. The announcement to pump in QR10bn in to the stock market will also reflect on the local economy in long term.
QBA Board members also mentioned that the bundle of economic incentives announced by the high-power committee will be reflected on the business environment in Qatar, through the economic growth rates, and on all other economic indicators, including the current account and balance of payments, and inflation rate.
Sheikh Faisal, pointed out that the world is currently experiencing a crisis due to the rapid spread of the Coronavirus and the major economic consequences of its spread globally, putting the world in front of a great challenge. He said the members of the Qatari Businessmen Association are in constant coordination with the concerned authorities to extend support to the government’s plans to combat the current crisis.
