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Posted On: 19 December 2022 07:15 pm
Updated On: 20 December 2022 11:03 pm

Minister of Finance: QR 228 billion total revenue estimates in fiscal year 2023 budget; surplus hits QR 29 billion

Cassandra Pallagud
Cassandra Pallagud
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Minister of finance qr 228 billion revenue 2023 budget surplus qr 29 billion 2

H.E. Minister of Finance Ali bin Ahmed Al Kuwari said that the total revenue estimates in the fiscal year 2023 budget amount to QR 228 billion, a 16.3 percent increase compared to the 2022 budget estimates, the expenditure estimates reach QR 199 billion, and QR 29 billion budget surplus.

In a press statement on Monday, H.E. the Minister of Finance attributed the increase in public revenues mainly to the adoption of an average oil price of USD 65 per barrel for 2023 instead of USD 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.

H.E. Ali bin Ahmed Al Kuwari said that based on that, the estimates of total oil and gas revenues for 2023 amount to QR 186.0 billion, compared to QR 154.0 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 QR 42.0 billion.

Regarding the expenditures in the fiscal year 2023 budget, His Excellency said that the expenditures decrease by 2.6 percent from 2022 to reach QR 199 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 QR 4.0 billion from 2022 to reach QR 62.5 billion, a 6.3 percent increase.

The allocations for major projects for 2023 decreased by 13.6 percent, compared to 2022, to reach QR 63.9 billion. The allocations for the current expenditure section slightly increase from QR 67.2 to QR 67.5 billion. The secondary capital expenditures slightly increase from QR 4.6 billion to QR 5.1 billion.

Also, H.E. the Minister of Finance indicated that the state continues to focus on the health and education sectors, with QR 21.1 billion has been allocated to the health sector, about 11 percent of the total expenditures, and QR 18.1 billion has been allocated for the education sector, nearly 9 percent of the total expenditures.

Source and cover image credit: Qatar News Agency