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Posted On: 7 April 2013 01:25 pm
Updated On: 12 November 2020 02:12 pm

Qatar’s budget lavished with praise

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Doha,April,07:Qatar’s budget for the fiscal year 2013-14 serves as proof of rigorous determination of the country’s leadership for pursuing a smart expansionary economy. The projected expenditures and revenues are up by 6 per cent and 18 per cent correspondingly compared to budgeted figures for the fiscal year 2012-13. Returning to the traditional practice, the budget for the fiscal year 2013-14 was released at the start of April. Conversely, release of the earlier budget was delayed for several weeks partly for determining suitable oil and gas prices. Qatar stands out amongst Gulf Cooperation Council (GCC) states by being the world’s largest exporter of liquefied natural gas (LNG). Like Kuwait, fiscal year in Qatar starts in April and ends in March. The practice allows for appreciating directions of global economy notably with regards to energy prices. The petroleum sector, namely oil and gas, is of paramount significance by virtue of being the primary source of treasury income and hence governmental spending in Qatar. Budgeted expenditures and revenues for 2013-14 amount to $60 billion and $58 billion, respectively. This translates into a surplus of $2 billion. True, this is a small amount, accounting for 1 per cent of the country’s gross domestic product of nearly $200 billion at the start of 2013. Source:Qatar Chronicle