In the application of the provisions of this Law, the following words and expressions shall have the meanings assigned to each, unless the context requires otherwise:

 

“State” means State of Qatar

“Government” means the Government of the State of Qatar

“Ministry” means the Ministry of Finance, Economy and Commerce

“Minister” means the Minister of Finance, Economy and Commerce

“Bank” means Qatar Central Bank

“Governor” means the Governor of the Bank

“Public debt securities” means nominal bonds and treasury bills issued under the provisions of this law.

“Bond” means a bond of public debt, the value of which is recorded in the name of its owner.

“Treasury bill” means the instrument or promissory note issued on behalf of the State Treasury, the nominal value of which is recorded in the name of its owner.

“Sinking Fund” refers to the funds and investments that are set aside to fulfil the value of one or more issuances of public debt.

“Lender” or “Subscriber” means the lender or subscriber in public debt securities whether a natural or legal person.

The Government is permitted under this law, to borrow amounts in Qatari Riyals or any other currency through the issuance of public debt securities, or through direct borrowing. The amounts desired to be borrowed shall be determined from time to time by a resolution of the Cabinet, after taking the opinion of the Bank.

 

The nominal value of each issuance of public debt securities, the method and duration of issuance,   the public debt securities necessary to cover it, the categories and returns, the manner it is offered to lenders and subscribers within and outside the State of Qatar, and the finance purposes for which it is allocated shall be determined by a resolution of the Minister after consultation with the Governor.

 

Issuances of public debt securities shall be in the form of bonds or treasury bills. 

The Bank shall be responsible for the issuance of public debt securities that are offered in the State of Qatar on behalf of the Government. 

The period between the issue date and the last date of payment may not be more than fifteen years for bonds, and one year for treasury bills.

          

1. Public debt securities shall be offered for subscription through banks and investment companies and may be owned and traded among Qatari and non-Qatari investors unless the resolution for the issuance stipulates otherwise.

2. Where the value of the subscription requests exceeds the issuance value, the Bank may redistribute the public debt securities to the subscribers in proportion to their subscriptions unless the Minister, after consultation with the Governor, resolves for another method of distribution.

3. The Bank may cancel the subscription if it deems it appropriate, provided that the cancellation is two working days before the date of issuance.

Public debt securities shall be recorded in the name of their respective owners in the specific registers at the Bank. Ownership shall only pass after recordal in those registers. 

The Ministry shall annually set aside amounts sufficient for expenses of issuance of public debt securities, their management, and payment of returns and fulfilment of their value when they become due.

If the date specified for the payment of the value of public debt securities or their returns is on an official holiday, the date shall be extended to the first working day immediately after the end of the holiday. In this case returns shall be calculated for the holidays.

Payment of the value of public debt securities may not be made prior to the final due date unless the resolution of issuance provides for a partial or full payment that may take place on a prior date.

          

Restrictions recorded in the registers maintained by the Bank shall be deemed proof of legal ownership of public debt securities.

          

1. The Bank may create funds to fulfil the value of public debt, and the Bank shall be responsible for the management of these funds and investment of their assets.

2. The Ministry shall discharge to the Bank the allocations of the Sinking Funds on the dates set forth in the resolutions for the issuance of public debt securities.

3. The returns generated from the investment of the funds deposited shall be added to each of the Sinking Funds.
4. The bank may invest the assets of the Fund in the purchase of public debt securities, for the fulfilment of the value of which the fund was allocated, and the due date of which has not arrived.

5. Where the assets of the fund exceed the amount needed to fulfil the value of public debt securities, the surplus shall be deemed as public revenue for the State. If these assets are less than the amount necessary to fulfil that debt, the State alone shall bear the deficit. In this case it may not cover the deficit by borrowing from the Bank.

6. The Bank, at the end of each financial year, shall prepare lists that shows the assets of the Sinking Funds, and shall send the same to the Ministry. The Minister shall submit the same to the Cabinet.

7. The accounts and transactions of the Sinking Funds shall be subject to the oversight of the Audit Bureau.

Public debt securities may be traded in the Doha Securities Market or other global markets. Transfer of ownership in transactions in the secondary market shall be established by notices issued by the Bank from the fact of its registers stipulated in Article 8 of this Law.

 

Returns on public debt securities shall be exempt from taxes.

          

The Bank shall submit to the Minister quarterly reports on public debt securities which shall be published in the Bank’s bulletin.

The Minister shall, after consultation with the Governor, issue the necessary bylaws, resolutions and instructions for the implementation of this Law.

All competent authorities, each within their jurisdiction, shall enforce this Law which shall be published in the Official Gazette.