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Tribune News Network
Doha
The Emir HH Sheikh Tamim bin Hamad al Thani has issued Law Number 25 of the year 2017, endorsing the state budget for 2018, which will take effect on January 1.
The 2018 budget, which is based on an average oil price of $45 per barrel, has set aside QR93 billion for major projects, which account for the largest share (45.8 percent) of the total expenditure.
Qatar's revenues are expected to reach QR175.1 billion, an increase of 2.9 percent from 2017, while the expenditure is estimated at QR203.2 billion, a 2.4 percent increase over the 2017 figure of QR198.5 billion.
In a statement, the Ministry of Finance attributed the increase in spending to the launch of new schools, educational facilities, health centers, hospitals and ongoing expansion of other public facilities.
It said the focus continues to be on delivering vital projects in healthcare, education and transport sectors, besides the projects related to the 2022 FIFA World Cup.
New contracts worth QR29 billion are expected to be signed in 2018, which would contribute to the growth of the private sector. In addition, the funds allocated to the sports sector and projects related to Qatar's hosting of the World Cup amounted to QR11.2 billion as the focus is set to be on the completion of construction work at stadiums and sports facilities.
A total of QR12.5 billion has been allocated for the development of land for citizens over three years from 2018 to 2020 as well as water and electricity networks, sanitation, roads and other related infrastructure, guaranteeing the construction of 3,000 homes for citizens.
The budget expects the shortfall to narrow to QR28.1 billion, down by 1.1 percent from QR28.4 billion in 2017, the finance ministry said, adding that the deficit will be financed through the issuance of debt.
The amount allocated to the health sector reached QR22.7 billion, which represents 11.2 percent of the total expenditure.
The education sector will witness great expansion with allocation of QR19 billion.
The transportation and infrastructure projects have received allocations worth QR42 billion, which represents 21 percent of the total expenditure.
The amount allocated for salaries and wages amounted to QR 52.2 billion for the fiscal year 2018, witnessing an increase of 8.8 percent over QR48 billion in 2017.
