## IMF Staff Completes 2026 Article IV Mission to Qatar

_IMF News, February 12, 2026_

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**Canonical URL:** [IMF Staff Completes 2026 Article IV Mission to Qatar](https://www.imf.org/en/news/articles/2026/02/11/pr26041-qatar-imf-staff-completes-2026-article-iv-mission)

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## Bibliographic details
- Published: February 12, 2026

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### Mission details
- 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 outlook and projections
- "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."

### Fiscal policy findings and recommendations
- 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.

### Monetary policy, financial sector stability, and recommendations
- 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.

### Structural reforms and NDS3 priorities
- 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 and upside scenarios
- 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).*

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## References

- [Qatar and the IMF](http://www.imf.org/external/country/QAT/index.htm)
- [IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)
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_Source: https://www.imf.org/en/news/articles/2026/02/11/pr26041-qatar-imf-staff-completes-2026-article-iv-mission_