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The Peninsula
Doha: The Korea Trade-Investment Promotion Agency (KOTRA) hailed the 2023 Budget of Qatar which has provided a clear direction on which the State would traverse during the current year to achieve economic excellence.
Director General of KOTRA in Doha Hanseung Kim said the 2023 Budget of Qatar has prioritised spending on vital sectors of the economy which would help accelerated economic development of the country in the new year.
H E Ali bin Ahmed Al Kuwari, Minister of Finance
“I appreciated the steps proposed in the 2023 budget of Qatar. The budget is very promising. In this budget, the government has prioritised its spending for the education and health care systems. This would help the overall development of the country with a long term positive impact,” Kim said.
He added,“It is the role of KOTRA to cater to the rising needs of Qatar by providing best in class products and services from Korea. We will look at all possibilities to ensure that the best technology and services are made available to Qatar.”
A noteworthy feature of the budget 2023 according to industry experts is the allocation for health and education sectors which has been increased for the current year in line with the state's continued focus on the two sectors.The measures to develop a number of new schools and improve school facilities in addition to a number of new and existing hospitals and healthcare centres were commended by sector officials.
Director General of KOTRA in Doha Hanseung Kim
Spending on healthcare in the 2023 budget is estimated at QR21.1bn compared to QR20bn in 2022 which is 11 percent of the total budget while spending on education sector has been estimated at QR18bn compared to QR17.8bn in 2022 or nine percent of the total budget.
Minister of Finance H E Ali bin Ahmed Al Kuwari presented the 2023 Budget last month which estimated revenue for the fiscal year 2023 to be at QR228bn, a 16.3 percent increase compared to the 2022 budget estimates, the expenditure to reach QR199bn and a budget surplus of QR29bn.
In a press statement 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.
The general budget estimates spending at QR199bn ($54.6bn), a 2.6 percent decline from the general budget for 2022.
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