The Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, approved the general budget for the fiscal year 2023, with total revenue estimates amounting to 228 billion riyals ($62.63 billion), representing an increase of 16.3 percent, compared to the estimates of the 2022 budget. Expenses are estimated at 199 billion riyals and a budget surplus of 29 billion riyals. The new budget will be implemented as of January 1, 2023.
The Qatari Minister of Finance, Ali bin Ahmed Al-Kuwari, attributed the increase in public revenues mainly to the adoption of an average oil price of $65 per barrel instead of $55 per barrel, as in the 2022 budget. This is the result of the remarkable recovery in global energy prices during the current year, in addition to the estimates of international institutions that energy prices will continue to rise over the medium term.
Al-Kuwari noted that estimates of total oil and gas revenues for the year 2023 amount to 186 billion riyals, compared to 154 billion riyals for the year 2022, which represents an increase of 20.8 percent. He explained that, on the other hand, the estimates of non-oil revenues for the year 2023 were kept constant, compared to the 2022 budget at an amount of 42.0 billion riyals.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
