(MENAFN- The Peninsula) QNA
Doha: The total revenue estimates in the 2022 budget amount to QR 196.0 billion, which represents an increase of 22.4 percent compared to the 2021 budget estimates, Minister of Finance HE Ali bin Ahmed Al Kuwari announced.
The Minister said in a press statement that the general budget for 2022 was based on an average oil price of $ 55 a barrel due to the remarkable recovery in global energy prices, which still reflects the continued adoption of conservative estimates of revenues in order to maintain fiscal balance and limit the effects of oil price fluctuations on the performance of public finances.
His Excellency added that the total planned expenses in the new budget rose by 4.9 percent from last year to reach QR 204.3 billion during 2022, mainly due to the temporary increase in operational expenses related to the World Cup hosting activities, which include security and operating costs for all related events to the FIFA World Cup Qatar 2022.
His Excellency indicated that the expected deficit is estimated at QR 8.3 billion, as the Ministry of Finance will work to cover it through available cash balances and issue of local and foreign debt instruments if the need arises.
He explained that an amount of QR 74.0 billion has been allocated for major projects out of the total expenditures of the general budget for 2022, as the state continues to complete public projects in accordance with pre-prepared plans and strategies. Infrastructure projects, the development of citizens' lands, and public services development projects, including health and education, are given spending priority.
His Excellency pointed out that the state continues to focus on the education and health sectors, as the education sector allocations are estimated at QR 17.8 billion, representing 8.7 percent of total expenditures, part of which was allocated to the expansion and development of schools and educational institutions. An amount of QR 20 billion has been allocated to the health sector, which represents 9.8 percent of total expenditures. It includes more development projects and programs in order to improve health care services.
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