H.E. Minister of Finance Ali Shareef Al Emadi announced Thursday that total revenue estimates for the 2021 state budget, approved by H.H. the Amir Sheikh Tamim bin Hamad Al-Thani today, were QR 160.1 billion.

H.E. the Minister of Finance said in a statement to the press that the budget estimated average oil prices of $40 a barrel, reflecting the state's policy of conservatism in estimating revenues and avoiding the impact of oil price volatility on the budget.

His Excellency added that total expenditures in the budget were QR194.7, leading to a projected deficit of QR34.6 billion. His Excellency added that the Ministry of Finance will look to cover the deficit using the available cash reserves, or by relying on local and foreign debt instruments if needed.

H.E. the Minister of Finance said that QR72.1 billion were allocated to spending on major projects. These included new projects, as well as continuing work on developmental projects in different sectors and those related to hosting the World Cup 2022. That is in addition to what is allocated to develop citizens' land and the expenditures related to implementing the infrastructure projects.

His Excellency added that the state continues to focus on education and health, with spending on education projected to be QR17.4 billion that will be used partly to expand and develop schools and other educational institutions. There were also QR16.5 billion allocated to the health sector, which will guarantee the completion of important projects in the field of developing healthcare and expanding medical facilities.

Source: Qatar News Agency

Cover image: Shutterstock

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