(MENAFN- Gulf Times) The Ministry of Finance announced on Monday that the budget of the State of Qatar for the first quarter of the year 2023 recorded a surplus of QR 19.7 billion.
In its briefing on the actual data of Qatar's budget in the first quarter (Q1) of 2023, the ministry said that the total revenues for this quarter amounted to QR 68.6 billion, of which QR 63.4 billion were oil and gas revenues, while non-oil revenues amounted to QR 5.2 billion.
The total expenditures in the same quarter of 2023 amounted to QR 48.9 billion, of which QR 15.6 billion were for salaries and wages and QR 17.3 billion for current expenses, while secondary capital expenditures amounted to QR 1 billion and major capital expenditures amounted to QR 15.1 billion, the statement added.
Through its data, the Ministry of Finance explained that the actual average oil price during the aforementioned quarter amounted to USD 82.2 per barrel, which is higher than the estimated price in Qatar's budget for the year 2023 that amounts to USD 65 per barrel.
The ministry's estimated data for the state's general budget for the year 2023 estimated the surplus at QR 29 billion for the entire year 2023, which means that about 68 percent of this amount has already been achieved during the first quarter of 2023 only.
Upon issuing the State of Qatar's budget for the fiscal year 2023, HE Minister of Finance Ali bin Ahmed Al Kuwari stated that the surplus will be directed to paying off the public debt, supporting the reserves of Qatar Central Bank (QCB), and increasing the capital of the Qatar Investment Authority (QIA).
His Excellency pointed out that an average oil price of USD 65 per barrel, on the basis of which the general budget for the year 2023 was built, is a conservative price adopted by the Ministry of Finance as part of its strategy to ensure the ability to allocate financial resources for existing commitments expected during the year, as well as to finance programs and projects of the national development strategy.
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