QNA
Doha
His Highness the Amir of State of Qatar Sheikh Tamim bin Hamad Al Thani has issued Law No 10 of 2022, approving the state’s general budget for the fiscal year 2023. The law is effective as of January 1, 2023, and shall be published in the Official Gazette.
In a press statement on Monday, Minister of Finance HE Ali bin Ahmed Al Kuwari said that the total revenue estimates in the fiscal year 2023 budget amounted to QR228 billion, a 16.3 percent increase compared to the 2022 budget estimates, the expenditure estimates reached QR199 billion, and QR29 billion budget surplus.
The Minister of Finance attributed the increase in public revenues mainly to the adoption of an average oil price of $65 per barrel for 2023 instead of $55 per barrel in the 2022 budget, due to the remarkable recovery in global energy prices during 2022, in addition, that the international institutions’ estimates suggest that the energy prices will continue to rise over the medium term.
Al Kuwari said that based on that, the estimates of total oil and gas revenues for 2023 amounted to QR186.0 billion, compared to QR154.0 billion for 2022, a 20.8 percent increase, adding that the estimates of non-oil revenues for 2023 are kept constant, compared to the 2022 budget at QR42.0 billion.
Regarding the expenditures in the fiscal year 2023 budget, His Excellency said that the expenditures decreased by 2.6 percent from 2022 to reach QR199 billion, coinciding with the completion of most of the costs of hosting the World Cup, adding that the allocations for salaries and wages in the 2023 budget increase by QR4 billion from 2022 to reach QR62.5 billion, a 6.3 percent increase.
