Qatar’s budget 2024 will prioritize education, health, environment, and infrastructure
22 Dec 2023News
Qatar’s Minister of Finance, HE Ali bin Ahmed Al Kuwari, stated on Wednesday that Qatar's overall receipts for the general budget for the 2024 fiscal year are estimated to be QAR202bn, a 11.4% fall from the previous year.
The adoption of an oil price of $60 per barrel in 2024 as opposed to $65 per barrel in 2023 results in a loss in income, according to HH Amir Sheikh Tamim bin Hamad Al Thani's 2024 General Budget.
The revised price is based on cautious forecasts for oil and gas income as well as estimates from international institutions for oil prices in 2024.
During a press conference on Wednesday, Al Kuwari stated that the overall oil and gas income for 2024 is expected to be QAR159 billion, which is 14.5% less than the QAR186 billion earned in 2023. He continued by estimating that non-oil income will reach QAR43 billion in 2024, a 2.4% increase over the previous year.
The 2024 budget's expenditures will grow by 1% to QAR200.9bn, mostly because QAR1.5bn more will be allocated for salaries and wages (bringing the total to QAR64bn, an increase of 2.4%).In comparison to 2023, allocations for secondary capital expenditures and current expenditures grew by 27.5% and 6.4%, respectively. Because numerous important infrastructure and economic projects have been completed, major capital expenditures have dropped by over 8.3%.
The Minister stated that infrastructure, health, education, and the environment will be given top priority in the budget and that there was a good chance for both private sector investment and residents.