Qatar Economic Outlook Issue Number 13

Qatar Economic Outlook 2021 - 2023 
82 
As for the domestic debt flows from public 
debt instruments - bonds, sukuk, and (to 
some extent treasury bills) during 2020 and 
2021, they are as follows: in 2020, QR 7.2 
billion were issued as treasury bills to 
replace what was repaid, and no treasury 
bonds were issued. Instead, regular bonds 
amounting to QR 18.7 billion and sukuk 
amounting to QR 2.5 billion were paid, 
which means that about QR 21.3 billion in 
liquidity was pumped into the Qatari money 
market in 2020. 
In calculating the net debt for 2021, 
preliminary estimates until the middle of 
December 2021 indicate that QR 7.2 billion of 
treasury bills were issued to replace what 
was repaid, i.e., about QR 7.2 billion. 
Moreover, ordinary and sukuk treasury bonds 
were issued at an amount of QR 13.45 billion, 
and QR 7.65 billion, respectively. It is 
anticipated that by the end of 2021, the 
treasury bond payment will be QR 19 billion 
as indicated in Figure (2-30): ordinary bonds 
amounting to QR 7.98 billion and sukuk 
amounting to QR 3.85 billion and TB of QR 
7.2 billion, which will have the outcome that 
about QR 9.28 billion will be absorbed as 
liquidity from the Qatari money market. 
Figure 2-29: Government debt (as a value and 
as % of GDP) 
188.1 
183.9 
173.3 
152.8 
162.2 
114.2 
164.2 
225.2 
228.9 
219.8 
32%
28%
27%
29%
31%
19%
25%
35%
44%
41%
302.3 
348.0 
398.5 
381.7 382.0 
52%
52%
62%
73%
72%
0
50
100
150
200
250
300
350
400
450
2017
2018
2019
2020
2021
QR
b
illi
on
Domestic
Foreign
Total
Source: MOF and prepared by PSA (Dec 2021)