(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha, Qatar: The Ministry of Finance held a press conference yesterday to announce Qatar's general budget for the year 2025 which was approved under Law No. 20 of 2024 issued by Amir H H sheikh Tamim bin Hamad Al Thani.
During the press conference, Minister of Finance H E Ali bin Ahmed Al Kuwari delivered a presentation on the state's general budget for 2025, detailing revenues, expenditures, important economic indicators and allocations for main sectors. The Minister of Finance noted the total expected revenues for the budget for fiscal year 2025 amount to QR197bn, of which QR154bn are oil and gas revenues, and QR43bn are non-oil revenues. He attributed the expected deficit for 2025 of QR13.2bn to the state's continued conservative approach in estimating oil and gas revenues, and adopting an average oil price of $60 per barrel, with the aim of enhancing financial flexibility and ensuring spending stability.
Highlighting the sectors that would benefit the most from the budget and how those allocations are being distributed, Al Kuwari said,“In education sector we have allocated QR19.4bn, health (QR22bn) municipality and environment (QR21.9bn), commercial affairs (QR3.9bn), research and development (QR1.1bn), social services (QR2.7bn), telecommunications (QR3bn), transportation (QR3.9bn), sports (QR6.6bn) and tourism and culture (QR3.6bn)."
Revealing the key sector allocations for 2025 budget and main projects that will be launched in the respective sectors, the Minister of Finance noted that the budget expenditures amount to QR210.2bn, of which the education sector receives allocations amounting to QR19.4bn.
He said,“There are many projects and initiatives that are linked to the NDS3 but the most important is the establishment of 11 schools, including four schools for people with special needs and renovation of seven existing schools. Also, the construction of new building for the College of Dentistry and the College of Nursing, and maintaining and developing some buildings to support an advanced educational environment."
The Minister said QR22bn is allocated to the health sector. One of the main projects is to complete the construction of new hospitals and develop existing facilities for Hamad Medical Corporation and the Primary Health Care Corporation. This reflects the state's ongoing commitment to human capital development and improving public service quality. Regarding allocation to municipality and environment sector, he said there will be many projects including those related to protecting wildlife, development and rehabilitation of the Al Maha Wildlife Reserve in Al Sheehaniya; rehabilitation, operation and maintenance of the central veterinary laboratories building and expansion of the Aquatic Research Center.
Regarding commercial affairs, Minister Al Kuwari said,“We will allocate QR3.9bn. We believe that this is one of the main sectors that will develop and help the diversification of the country. We will focus on the national industries and manufacturing and we will encourage those industries. We will work on infrastructure in the industrial area and develop infrastructure in the logistical area of Wukair. In transportation, we will work on the maintenance of the Doha International Airport and also development of Qatar Aviation College, improving the infrastructure and educational facilities of the college.”
In sports sector, the funds will be used to upgrade and develop Aspire Zone facilities, as well as the facilities of the Qatar Racing and Equestrian Club, the Qatar Equestrian Federation, and the Al Uqda Equestrian Complex (Phase 4). Additional projects include the development of covered sports halls and facilities under the Ministry of Sports and Youth.
About the government contracting plan for 2025, the Finance Minister highlighted the most important sectors, as the Public Works Authority (Ashghal) is scheduled to issue tenders in 2025 worth QR56.2bn, while the health sector tenders will be worth QR7.5bn, and the Qatar General Electricity and Water Corporation (Kahramaa) tenders are estimated at QR7bn.
“We call all those who are interested to take part and we also call on the ministries and all those that are receiving allocations from the government to present their projects for the spending for the next five years, he said.
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