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IMF: The economic and financial impact of the province of Qatar is fadin
A report from the International Monetary Fund (IMF) showed that the direct economic and financial impact on Qatar as a result of the diplomatic boycott imposed on it by some other Arab countries is fading.
In a report based on official consultations with Qatar, the IMF said the country's banking system had recovered from the exodus of funds at the start of a diplomatic break-up and the economy was expected to grow 2.6 percent this year.
He pointed out that the fiscal deficit is expected to have fallen to about six percent of GDP in 2017 compared with 9.2 percent in 2016.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut off diplomatic ties and transport links with Qatar on June 5, 2017, causing disruptions to Doha's imports and driving billions of dollars of deposits from Qatari banks.
The crisis concerns allegations from Saudi Arabia, the United Arab Emirates, Bahrain and Egypt that Qatar supports terrorism, a charge Doha denies.
Qatar's biggest exporter of liquefied natural gas, Qatar, faced the situation by finding new trade routes, depositing state funds at its banks and helping local firms provide alternative local production for some goods.
Qatar's foreign exchange reserves rose $ 2.9 billion to $ 17.7 billion, HSBC said in a report to its customers on Monday, adding that the improved foreign reserve situation was partly due to the continued improvement in the country's trade balance.
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