Qatar Announces Record Budget But Curbs Expenditure Growth

Qatar has unveiled yet another record budget for the 2014-15 financial year. But while expenditure growth is set to slow significantly relative to previous years, the allocation for infrastructure projects is up by more than 20%, in preparation for the hosting of the 2022 World Cup.

The new budget, which began on 1 April, is expected to carry on with the implementation of programs and strategic development projects envisaged in Qatar’s national strategy for 2011-16, and the realization of the objectives of the emirate’s National Vision 2030, Minister of Finance ‘Ali Sharif al-‘Imadi said this week in his budget statement. The budget both reaffirms and supports the government’s target of achieving sustained economic growth, while controlling inflation through balanced financial policies and efficient public spending, he added.

The budget projects total revenue in 2014-15 at QR225.7bn ($62.0bn), up 3.5% on the previous year and total expenditure of QR 218.4bn ($60.0bn), up 3.7% from 2013-14, when total expenditure rose by 18% over the previous year. The resulting surplus in the new budget is QR7.3bn ($2.0bn), almost the same as in the budget of 2013-14 (MEES, 5 April 2013). (CONTINUED - 1151 WORDS)

DATA INSIDE THIS ARTICLE

table Table 1: Qatari Budgets 2008-09 To 2014-15 (Qr Mn)
table Table 2: Qatari Budgets (Actual) 2006-07 To 2012-13 (Qr Mn)