JEDDAH: Qatari Finance Minister Ali Shareef Al-Emadi has dismissed concerns that his country is dependent on Gulf neighbors for food imports.
Ever since Saudi Arabia and other Gulf countries cut ties with Qatar, accusing it of being associated with terror groups, some Qatari local media reports have constructed a narrative that their country is under blockade and is facing a humanitarian crisis.
But Al-Emadi said there is no such crisis. Speaking in an exclusive interview to CNBC International’s Hadley Gamble on Monday, he said Qatar had previously imported food and other goods from places as far as Brazil and Australia.
“So the government will continue that,” he said. “Whether it’s Turkey, the Far East or Europe, Doha will ensure that it has enough partners to get things done. We’re going to make sure that we’re even more diversified than we were before.”
The minister, who is also president of Qatar Airways’ executive board, brushed aside concerns of a financial meltdown.
However, the Doha index tumbled 7.1 percent last week, Reuters reported, while the Qatari riyal has been falling against the dollar on worries of capital outflows.
While the reaction was “understandable,” there is no need to worry as Qatar has all the tools required to defend its economy and currency, Al-Emadi said.
“Our reserves and investment funds are more than 250 percent of gross domestic product (GDP), so I don’t think there’s any reason that people need to be concerned about what’s happening or any speculation on the Qatari riyal,” he added.
“We’re extremely comfortable with our positions, our investments and liquidity in our systems,” he said, adding that he sees no need for the government to step into the market and buy bonds.
“We’re still an AA country, and we’re one of the top 20 or 25 globally on our ratings... so I think we’re very much better than a lot of people around us,” he said.
“Qatar is always open for business... We have what it takes to defend if we have to do anything locally.”
Qatar finance minister dismisses concerns of food shortages: CNBC
Qatar finance minister dismisses concerns of food shortages: CNBC
Lebanon says army to take at least 4 months for next stage of Hezbollah disarmament plan
- Lebanon’s government has committed to disarming Hezbollah, which was badly weakened in a recent war with Israel
BEIRUT, Lebanon: Lebanon’s government said Monday that the army will have a four-month extendable period to implement phase two of the military’s plan to disarm militant group Hezbollah in south Lebanon.
Lebanon’s government has committed to disarming Hezbollah, which was badly weakened in a recent war with Israel, and the military said last month it had completed the first phase of its plan, covering the area between the Litani River and the Israeli border about 30 kilometers (20 miles) further south.
Phase two covers an area north of the river.
Information Minister Paul Morcos told a press conference after a cabinet session that the government “took note of the army leadership’s presentation” on the second stage of the plan and that “there is a timeframe of four months, extendable depending on available capabilities, Israeli attacks and hindrances on the ground.”
