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Qatar Pumps In $20 Billion To Protect Its Economy

Photo: Al Arabiya

Qatar has withdrawn $20 billion from its sovereign wealth fund to save its economy and brought them into the country. The economy has been stagnant since the crisis broke out.

Qatar’s Finance Minsiter Al Shareef al-Emadi told that Qatar Investment Authority deposits were being used to create a ‘buffer’ and provide liquidity in the banking system after the nation saw capital outflows of more than $30 billion.

The minister said: “We are not liquidating anything. What we have done is taken some of our liquidity from outside to inside. This is through the Ministry of Finance and the QIA, which is very normal in this type of situation.”

“The measure we have taken is much more of a pre-emptive and precautionary measure.” Emadi added.

 

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