IMF Staff Completes 2026 Article IV Mission to Qatar

IMF News, February 12, 2026

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IMF staff team led by Mr. Nathan Porter visited Doha during January 25–February 5, 2026 to conduct discussions for the 2026 Article IV consultation.
The mission will submit a report to IMF management and Executive Board, which is scheduled to discuss the Article IV Consultation in March 2026.
Press Release No. 26/041; statement issued at the conclusion of the visit by Mr. Nathan Porter.
The staff team met with H.E. Minister of Finance Ali bin Ahmed Al Kuwari, other senior government officials, and private sector representatives.

"Economic growth recovered to 2.4 percent in 2024, strengthened further to around 3 percent through the third quarter of 2025, and is expected to average around 4 percent in the medium term."
"Medium-term inflation is projected at around 2 percent, consistent with the currency peg to the US dollar."
"Fiscal and external current account surpluses are set to continue in the medium term and the financial sector remains strong."

Findings:
- Qatar has demonstrated resilience underpinned by a favorable economic outlook.
- Qatar continues its transition toward a diversified, knowledge-based economy built around its Third National Development Strategy.
- The fiscal stance remains consistent with a level that ensures intergenerational equity.
Recommendations:
- Accelerate revenue diversification, especially by introducing a value-added tax.
- Enhance spending efficiency and improve transparency of domestic gas pricing.
- Continue reorienting public spending to support reforms facilitating private sector growth.
- Adopt a full-fledged medium-term fiscal framework, with a fiscal anchor aimed at ensuring intergenerational equity and complemented by greater transparency and risk management.
- Support recent pension reforms with enhanced actuarial transparency to support fiscal planning.
- Maintain growth-friendly fiscal consolidation, accelerating revenue and expenditure reforms, and anchoring the medium-term fiscal framework to intergenerational equity.

Findings:
- "The QCB’s policy rate changes have been in line with those of the U.S. Federal Reserve, consistent with the currency peg to the U.S. dollar."
- Strong regulation and supervision have sustained financial stability.
- The financial sector remains strong, but pockets of vulnerability exist (banks’ real estate exposures, increased net foreign liabilities, strong interconnectedness with the public sector).
- Qatar has made welcome advances in financial inclusion, digitalization, and progress in fighting financial crimes.
Recommendations:
- Enhance operational capacity and implement IMF technical assistance recommendations to strengthen monetary policy support for the peg and market development.
- Introduce a positive neutral counter-cyclical capital buffer to bolster banking sector resilience.
- Diversify funding sources to mitigate sovereign-bank risks and lengthen the maturity of banks’ funding.
- Continue vigilance against pockets of vulnerability and mitigate potential new risks from digitalization.
- Keep momentum in domestic financial market deepening, guided by the Third Financial Sector Strategy.

Findings:
- Reform implementation is guided by the Third National Development Strategy (NDS3).
- Strong non-hydrocarbon economic growth is occurring amid reform implementation.
Recommended priorities under NDS3:
- Build and retain human capital and enhance the skills and private sector employment of nationals.
- Foster innovation including digitalization and AI capabilities.
- Ease SMEs’ access to finance and promote trade diversification.
- Ensure careful and strategic implementation and reform sequencing to realize NDS3 goals.
- Enhance data availability and quality to support analysis and development of ongoing and future plans.

Risks to the growth outlook:
- A global growth slowdown.
- Tighter financial conditions.
- Geopolitical tensions.
- Long-term uncertainty over LNG market oversupply and climate stress.
Upside:
- Gains from accelerated reforms and LNG production expansion could boost growth more than expected.

Press Release No. 26/041 — IMF Staff Completes 2026 Article IV Mission to Qatar (February 12, 2026).