Qatar Effectively Resisting Saudi-Led Sanctions: IMF

“The impact on banks’ balance sheets was mitigated by liquidity injections by the Qatar central bank and increased public sector deposits,” Mohammed El Qorchi said in a statement after leading an IMF team on a week-long visit to Doha.
 
“These reactions reflected effective coordination and collaboration among key government agencies.” Qorchi also said authorities had acted quickly to reroute trade disrupted by the sanctions and establish new sources of food supply, allaying fears of potential shortages.
 
Meanwhile Qatar's foreign minister said on Wednesday that his country was willing to negotiate an end to a Persian Gulf diplomatic spat but had seen no sign that Saudi Arabia and other countries imposing sanctions on Doha were open to mediation.
 
"Qatar maintains its position that this crisis can only be achieved through a constructive dialogue ... but the blockading counties are not responding to any efforts being conducted by Kuwait or other friendly countries," Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani told reporters in Doha on Wednesday at a news conference with his Russian counterpart Sergei Lavrov.
 
Qatar's foreign minister also pointed out that the crisis in relations with the Arab states had not seriously affected the country's economy.
 
"We can confidently say that the Qatari people have not suffered economically from this blockade, there is no shortage of consumer goods. The financial sector is also developing quite consistently. In addition, we see that the blockade has become a motivational factor for internal development," he said.
 
During the press conference, Lavrov said Russia welcomes all initiatives, especially Kuwaiti efforts, to resolve the Persian Gulf crisis.
 
Since 5 June, the four Arab regimes cut diplomatic, transport and trade ties with Qatar, which they accuse of supporting what they call extremist groups, including Palestinian Hamas resistance movement and the Muslim Brotherhood, as well as having close ties with neighboring Iran.
 
Qatar has defended itself against the accusation saying the groups are not extremist, while insisting on having good ties with Iran.
 
The Saudi-led block later issued demands that Qatar must meet before ties are restored including curtailing its support for the Muslim Brotherhood, shutting down the al-Jazeera TV channel, closing a Turkish military base in Doha and downgrading its ties with neighboring Iran. Qatar rejected the demands arguing they are illogical and infringe on its sovereignty.