Qatari Finance Minister Ali Shareef Al Emadi dismissed fears of an economic crisis after some Arab states cut diplomatic ties with Qatar, emphasizing that his country has a strong economy and will not be affected by the sanctions in an exclusive interview broadcast with CNBC television on Monday (12/06). (Reuters Photo/Naseem Zeitoon)
If We Lose a Dollar, They Will Lose a Dollar: Qatari Finance Minister on Diplomatic Crisis
JUNE 12, 2017
Jakarta. Qatari Finance Minister Ali Shareef Al Emadi dismissed fears of an economic crisis after some Arab states cut diplomatic ties with Qatar, emphasizing that his country has a strong economy and will not be affected by the sanctions in an exclusive interview broadcast with CNBC television on Monday (12/06).
"A lot of people think that we’re the only one to lose in this [...] I think if we’re going to lose a dollar, they will lose a dollar also," said Al Emadi, adding that the measures taken by the country's neighbors have been "forced on us."
Last week, Saudi Arabia, United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar, accusing the Gulf state of financing terrorist networks.
Qatar has denied the accusations, saying that "the measures are unjustified and are based on false and baseless claims."
The severance of diplomatic ties has resulted in immediate travel restrictions, suspensions of flights to and from Qatar and a closure of transport links.
Responding to the effects of the ongoing spat on his country, Al Emadi said, "all these things are really to put the propaganda against Qatar." He nevertheless remains optimistic that the diplomatic crisis will not severely impact the Gulf state's economy.
"Things are business as usual," the minister said in the interview, adding that there is nothing "we need to worry about in the local economy."
Despite the restrictions imposed on Qatar through measures taken by the aforementioned states, Al Emadi was firm in his view that the sanctions will not challenge food security or the strength of his country's economy.
According to the finance minister, Qatar is still able to import goods from Turkey, mainland Asia and Europe, though the country will continue to diversify its economy in response to the crisis.
"Our reserves and investment funds are more than 250 percent of gross domestic product, so I don’t think there is any reason that people need to be concerned about what’s happening or any speculation on the Qatar riyal," Al Emadi said.