Qatar in $55bn public spending boost

Qatar plans to allocate more than QR200 billion ($55 billion) for public spending in its budgetary estimates for the current 2013-14 fiscal year, up from last year’s budget (2012-13) outlay of QR178 billion.

The current budget is to be based on an oil price of $65 per barrel — unchanged from the previous financial year, reported the Peninsula.

The conservative crude price of $65 per barrel is to make sure that the budgetary outlay in the current budget for spending on infrastructure development projects is covered, Dr Ibrahim Al Ibrahim, the economic advisor at the Emiri Diwan was quoted as saying.
Increased spending on infrastructure development in every budget year after year reflects a welcome shift in Qatar’s economic policy and will make the economy more reliant on the non-hydrocarbons sector.

“We are making the change. The impact of such spending will be visible over the long-term…You will see the benefits in future,” he added.

Tradearabia, April 1, 2013