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Banks

Qatar to postpone $8 billion of contracts from projects due to coronavirus

FILE PHOTO: General view of a empty kids playground, following the outbreak of coronavirus disease (COVID-19), in Doha, Qatar March 17, 2020. REUTERS/Stringer/File Photo

DUBAI (Reuters) - Qatar’s ruler has asked the government to postpone $8.2 billion in unawarded contracts on capital expenditure projects due to the coronavirus outbreak, a bond prospectus seen by Reuters showed.

The spread of the coronavirus may continue to negatively impact the Qatari economy and financial markets and could lead to a recession, the Gulf state also said in the document, dated April 7.

Qatar on Tuesday started marketing a triple-tranche U.S. dollar-denominated bond.

Reporting by Davide Barbuscia and Saeed Azhar; editing by John Stonestreet

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