Qatar has launched a strategic plan that will regulate the Gulf countrys financial sector.
The plan has been developed by three Qatari institutions, the Qatar Central Bank, QFC Regulatory Authority (QFCRA) and the Qatar Financial Markets Authority (QFMA) and sets out a road map for the next three years.
The plan aims to build a resilient financial sector that complies with international standards and regulation. Specifically, it will strengthen financial market infrastructure and encourage regulatory cooperation.
The development of the Gulf countrys financial sector is a vital part of Qatars National Vision 2030 which sets out targets in terms of infrastructure development and improvement of services including education and healthcare.
A strong financial sector and stable economy will support this goal, said Qatars Finance Minister Ali Shareef al-Emadi, speaking at Euromoneys Qatar conference.
The minister said that with Qatar having weathered the worst of the global financial crisis, the country needs a sound fiscal policy to help Qatar absorb any future crises.
He added that the ministry was developing financial policies that would help support the strong pipeline of large infrastructure projects either already under way, or to be launched in the run-up to Qatars hosting of footballs World Cup in 2022.
He said the policy would work to avoid the risks of inflation.
Also speaking at the Euromoney conference, Qatars Prime Minister Abdullah bin Nasser bin Khalifa al-Thani, said close cooperation with the private sector was essential to support the growth of Qatar away from just relying on the strength of its hydrocarbon industry.
The oil and gas sector was the main catalyst [for Qatars growth], but with the completion of most major projects for exploitation [it is important to] increase diversification, he told delegates.