{
  "title": "Qatar: Staff Report for the 2011 Article IV Consultation",
  "publication": "IMF Staff Country Reports, January 31, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/qatar-staff-report-for-the-2011-article-iv-consultation-25688",
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  "summary": "This 2011 Article IV Consultation highlights that Qatar is using its fiscal space, generated from an increase in hydrocarbon production and prices, to implement a large public spending program.",
  "publishDate": "2012-01-31",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Qatar is using its fiscal space, generated from an increase in hydrocarbon production and prices, to implement a large public spending program.\n- Large infrastructure investments are expected to sustain strong growth of 9 percent to 10 percent in the nonhydrocarbon sector in the medium term.\n- The potential inflationary effect of the recent fiscal package is estimated to be about 1 percentage point.\n- The assessment underscores the need for fiscal policy to monitor aggregate demand and for the Qatar Central Bank to manage liquidity."
    },
    {
      "heading": "Growth and fiscal stance",
      "content": "- Fiscal space source: increase in hydrocarbon production and prices.\n- Intended use: implementation of a large public spending program focused on infrastructure.\n- Expected impact on sectoral growth:\n  - Nonhydrocarbon sector: sustained strong growth of 9 percent to 10 percent in the medium term."
    },
    {
      "heading": "Inflation and monetary implications",
      "content": "- Estimated inflationary impact of fiscal package: about 1 percentage point.\n- Policy implications:\n  - Fiscal authorities should monitor aggregate demand closely.\n  - Qatar Central Bank should manage liquidity to mitigate inflationary pressures."
    },
    {
      "heading": "Policy recommendations (implied)",
      "content": "- Monitor aggregate demand as fiscal expansion proceeds.\n- Active liquidity management by the Qatar Central Bank to address potential inflationary pressures stemming from fiscal expansion and infrastructure spending."
    },
    {
      "heading": "Subjects and keywords (verbatim)",
      "content": "- Subject: Banking, Commercial banks, Expenditure, External debt, Financial institutions, Fiscal policy, Fiscal stance, Public debt\n- Keywords: balance of payments, balance of payments statistics, Commercial banks, CR, debt, East Africa, financial asset, financial market, Fiscal stance, foreign currency, GDDS summary table II, Global, headline inflation, ISCR, manpower planning exercise, Middle East, North Africa, Qatar, Qatari riyal, real gross domestic product\n\nQatar: Staff Report for the 2011 Article IV Consultation, January 31, 2012.\n\n---\n\n Content in this bundle\n\n- Qatar: 2012 Article IV Consultation; IMF Country Report 12/18; January 12, 2012\n  - Qatar: 2012 Article IV Consultation; IMF Country Report 12/18; January 12, 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Qatar: 2012 Article IV Consultation; IMF Country Report 12/18; January 12, 2012 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/qatar-staff-report-for-the-2011-article-iv-consultation-25688"
    }
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    "Published: January 31, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781463934491.002",
    "Qatar is using its fiscal space, generated from an increase in hydrocarbon production and prices, to implement a large public spending program.",
    "Large infrastructure investments are expected to sustain strong growth of 9 percent to 10 percent in the nonhydrocarbon sector in the medium term.",
    "The potential inflationary effect of the recent fiscal package is estimated to be about 1 percentage point.",
    "The assessment underscores the need for fiscal policy to monitor aggregate demand and for the Qatar Central Bank to manage liquidity.",
    "Fiscal space source: increase in hydrocarbon production and prices.",
    "Intended use: implementation of a large public spending program focused on infrastructure.",
    "Expected impact on sectoral growth:",
    "Estimated inflationary impact of fiscal package: about 1 percentage point.",
    "Policy implications:",
    "Monitor aggregate demand as fiscal expansion proceeds.",
    "Active liquidity management by the Qatar Central Bank to address potential inflationary pressures stemming from fiscal expansion and infrastructure spending.",
    "Subject: Banking, Commercial banks, Expenditure, External debt, Financial institutions, Fiscal policy, Fiscal stance, Public debt",
    "Keywords: balance of payments, balance of payments statistics, Commercial banks, CR, debt, East Africa, financial asset, financial market, Fiscal stance, foreign currency, GDDS summary table II, Global, headline inflation, ISCR, manpower planning exercise, Middle East, North Africa, Qatar, Qatari riyal, real gross domestic product",
    "**Qatar: 2012 Article IV Consultation; IMF Country Report 12/18; January 12, 2012**"
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