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

Qatar’s ruler has asked the government to postpone $8.2 billion in unawarded contracts on capital expenditure projects due to the coronavirus outbreak. (Photo by Reuters)

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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.