SkyscraperCity Forum banner

#News: Qatar unveils biggest-ever budget

879 Views 0 Replies 1 Participant Last post by  Qatar Son 333
Qatar unveils biggest-ever budget

doha • Qatar yesterday unveiled its biggest budget in history with a lavish allocation for infrastructure development projects. The size of the 2007-08 budget is a reflection of the success of the economic policies the country has been pursuing. Revenue estimates are put at QR72.45bn while expenditure planned is QR65.7bn, with the surplus expected being QR6.74bn.

Spending on infrastructure projects is up from QR19.8bn in 2006-07 to QR20.9bn. The outlays will have a direct bearing on the citizens since the stress is on essential services. The infrastructure projects include roads, sewage, electricity and water, sprucing up industrial areas to mainly encourage small and medium.

The budgetary estimates (for 2006-07) were unveiled by Minister of Finance H E Yousuf Hussein Kamal yesterday after being endorsed by the Emir H H Sheikh Hamad bin Khalifa Al Thani. Details of the estimates were reported by Qatar News Agency (QNA).

The education sector has continued to receive priority with allocations reaching a whopping QR8bn or 12.24 per cent of the public expenditure. Of which over QR5bn will be spent on building schools and other facilities that are key to achieving the state’s professed goals in the field.

Health remains another key area of the government’s concern with the outlay for the sector being an equally huge QR4.8bn. Of which QR3.3bn will be spent on major ongoing projects, including the completion of phase I and the start of phase ii of Hamad Medical City, completion of phase I and start of phase ii of the south hospital, building new health centres and projects at Hamad Medical Corporation (HMC), Rumailah Hospital and Al-Shamal Hospital.

Revenue estimates (of QR72.45bn) are based on oil price of $40 per barrel. The estimates for the previous fiscal year (QR56.9bn) were based on an oil price of $36 per barrel. The increase in revenue over 2006-07 is 27 per cent or QR15.5bn. Expenditure has been estimated at QR65.7bn, showing an increase of QR11.1bn over 2006-07 figure of QR54.5bn. The surplus expected is a huge QR6.7bn.

The Minister of Finance said that this year’s budget reflected the ambitious targets the planning for which started several years ago and which started to bear fruits, making Qatar one of the fastest developing countries in the world. He expected that the country’s GDP would increase during the coming six years a matter that would make the per capita income one of the highest in the world.

Yousuf Hussein noted that higher inflation rates always accompanies ambitious developmental plans, referring in this regard to His Highness the Emir’s address to the 35th session of the Advisory Council in which he stressed that efforts would be intensified to combat inflation which is harmful to the Qatari economy in general and to local and foreign investments as well as to local expenditure and purchasing power of large segment of citizens and residents.

He said the impact of inflation would be countered through financial and monetary policies and expansion in diversified economic development plans during the coming years, reiterating commitment to the implementation of projects in the oil and gas sectors and diversification in all other sectors.
See less See more
1 - 1 of 1 Posts
1 - 1 of 1 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.