Qatar withdraws $20 bln from its sovereign wealth fund to save its economy

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Qatar has said it has withdrawn $20 bln of its overseas investments owned by its sovereign wealth fund and brought them onshore to rescue its economy, which has been in a stalemate since several Arab states boycotted Doha over its support for regional terror groups.

Qatar’s Finance Minister Ali Shareef al-Emadi told the Financial Times that Qatar Investment Authority deposits were being used to create a “buffer” and provide liquidity in the banking system after the gas-rich state suffered capital outflows of more than $30 bln.

“We are not liquidating anything. What we have done is taken some of our liquidity from outside to inside. This is through the Ministry of Finance and the QIA, which is very normal in this type of situation,” told FT from London.

“The measure we have taken is much more of a pre-emptive and precautionary measure,” Emadi added.

Rating agency Moody’s said last month that Qatar had injected $38.5bn into its economy since the crisis erupted.

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