COMMERCIAL NEWS
Qatar unveils $55bn spending budget for 2018
Dec 13, 2017 9:00 AM
Qatar has announced its budget for 2018 with expenditure set at QR203.2 billion ( 55 billion) reflecting a 2.4 per cent increase on the current financial year a media report said. The country has earmarked...
Qatar has announced its budget for 2018 with expenditure set at QR203.2 billion ($55 billion), reflecting a 2.4 per cent increase on the current financial year, a media report said.
The country has earmarked QR93 billion for major projects representing nearly 46 per cent of the total expenditure, reported Gulf Times, noting that the budget projects a revenue of QR175.1 billion, up 2.9 per cent on 2017.
The budget deficit is expected to be QR28.1 billion, down 1.1 per cent from QR28.4 billion in 2017. Meanwhile, the budget supports growth with new contracts worth QR29 billion in the private sector.
The 2018 budget has taken $45/barrel as the conservative oil price, same as that of 2017, the report said.
Key sectors such as health, education and transport along with those related to the 2022 Fifa World Cup will get QR83.5 billion, or 41 per cent of the total expenditure.
The 2018 budget also focuses on supporting food security projects, small and medium enterprises and the development of infrastructure in economic and free-trade zones.
Nearly QR12.5 billion has been allocated to land development for Qataris in the three-year period between 2018 and 2020. This includes water and electricity networks, sewerage, roads and other related infrastructure.
The 2018 budget has allocated funds for the development of around 3,000 houses for nationals. It also provides for the development of logistics, economic and free-trade zones, as well as support for food security projects and agricultural production.
For salaries and wages, QR52.2 billion has been set apart in the next year’s budget, up 8.8 per cent on (QR48 billion) in 2017, the report said.
The health sector has been allocated QR22.7 billion, which represents 11.2 per cent of the total expenditure in 2018.
Major projects to improve Qatar’s healthcare services include expansions in Hamad Medical Corporation (HMC) facilities, primary health care centres, Emergency Hospital and the establishment of new health centres, costing QR2.9 billion over five years.
The education sector has been given an outlay of QR19 billion in the 2018 budget, up 18 per cent on the current year. Transportation and other infrastructure projects were assigned the largest share in the 2018 budget with allocations of QR42 billion, which represents 21 per cent of the total expenditure.
The key sports sector and 2022 Fifa World Cup projects would have a total allocation of QR11.2 billion in the next year’s budget, according to the report.
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