Gulf states’ coffers just as local economies struggle under pandemic-driven lockdowns. Most are bridging the gap with a combination of spending cuts and debt issuance.
Qatar, which is due to host the 2022 soccer World Cup, raised $10 billion in debt in April.In introducing cuts targeting foreign workers or support programs that exclude them, Qatar is joining its neighbors from Oman to the United Arab Emirates.
Meanwhile, Kuwait’s prime minister said the country’s expatriate population should be more than halved to 30% of the total.At the same time, cutting jobs and salaries for foreigners could threaten Qatar’s economic growth by raising the risk of labor shortages and hurting consumer spending.