The Emir of Qatar, Tamim bin Hamad Al Thani, has approved the approval of the general state budget for fiscal year 2022, which will begin in early January, with a total expenditure of 204.3 billion riyals (56, 13 billion dollars).
Qatari Finance Minister Ali bin Ahmed al-Kuwari said total budget revenue estimates for fiscal year 2022 amount to 196 billion riyals ($ 53.84 billion), which represents an increase in 22.4% compared to the 2021 budget estimates.
The minister added that the general budget for 2022 was constructed on the basis of an average oil price of $ 55 per barrel due to the notable recovery in world energy prices, which still reflects the continued adoption of conservative estimates of revenues at the order to maintain financial balance and reduce the effects of oil price fluctuations on performance of the financial public, according to the Qatar News Agency (QNA).
He pointed out that the total expenses planned in the new budget they increased by 4.9% compared to last year to reach 204.3 billion riyals in 2022.
The increase in government spending is mainly due to a temporary increase in operating expenses related to World Cup hosting activities, which includes safety and operational costs for all events related to the 2022 FIFA Qatar World Cup.
The minister indicated that the projected deficit is estimated in 8.3 billion riyals ($ 2.28 billion), as the Ministry of Finance will work to cover it through available cash balances and issue local and foreign debt instruments as needed.
Al-Kori explained that an amount of 74 billion riyals has been earmarked for large projects on the total spending of the general budget for 2022, as the state continues to complete public projects according to previously prepared plans and strategies.
The minister continued: “Infrastructure projects, the development of citizens’ lands, projects for the development of public services in terms of health and education receive priority expenditure “.
He stressed that the state continues to focus on the education and health sectors, as the education sector appropriations are estimated in 17.8 billion riyals, representing 8.7% of total expenditure, part of which was devoted to the expansion and development of schools and educational institutions.
The health sector has been allocated an amount of 20 billion riyals, which represents 9.8% of the total expenditure, and includes multiple development projects and programs to improve the health services provided.
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