Detailed data for Qatar's budget for the year 2023 revealed the implementation of 22 new projects at a total cost of 9.8 billion riyals ($2.69 billion), as part of spending that is scheduled to reach 64 billion riyals of total budget expenditures on major projects next year. Of these projects, 14 projects were based on an evaluation of priorities at a value of 5.5 billion riyals, and 8 new projects were committed to a value of 4.3 billion riyals.
The new budget figures show an estimated surplus of 29 billion riyals ($7.96 billion), which is the first in terms of volume in 10 years, and is attributed to the increase in oil revenues by 20.8 percent thanks to the rise in average oil prices at $65 a barrel, which led to an increase Total revenues increased by 16.3 percent, compared to the 2022 budget, in addition to a decrease in expenses by 2.6 percent with the end of expenses related to hosting the FIFA World Cup Qatar 2022.
The Qatari Minister of Finance, Ali bin Ahmed Al-Kuwari, stressed that “the new budget was built taking into account that the economy of the State of Qatar is one of the fastest growing economies in the region, as the gross domestic product is expected to grow by 4.5 percent in 2023, according to statistics issued by the Fund.” International Monetary.
Source (Al-Araby Al-Jadeed Newspaper, edited)
