DOHA: Qatar’s budget for 2016, which will follow the Gregorian calendar, will be based on an assumed oil price of $55 per barrel and a ceiling of allocations for expenditure in the year will likely be put at QR140bn ($38.44bn), Al Sharq reported yesterday, citing a circular issued by the Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani.
The current budget (April 2014 to March 2015) is based on an assumed crude price of $65 per barrel. Interim budgetary allocations are being made for nine months (April 1, 2015 to December 31, 2015), the daily said.
Revenue and expenditure estimates in the upcoming nine-month budget will likely be based on $65 per barrel.
Based on approval from the Emir H H Sheikh Tamim bin Hamad Al Thani, the Prime Minister and Interior Minister
H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani has instructed the Ministry of Finance to assume the price of $55 for the budget for the financial year 2016 (January to December).
Basing budgetary estimates on an assumed average global crude price per barrel of $55 in 2016 means Qatar will estimate it revenues based on that price.
The ceiling on total expenditure in the 2016 budget is to be specified at QR140bn but development projects will be accorded priority in state budgets over the next 10 years, Al Sharq said.
Expenditures on items of Chapters One, Two and Three are to be reduced to ensure spending on scheduled projects of Chapter Four for the coming 10 years are robust.
Also QR12bn will be allocated for acquisitions of private properties for public projects in the coming 10 years, which means QR1.2bn will be allocated for the purpose in each budget over the next 10 years. The finance ministry has been asked to study mechanisms of giving away state land for acquired private properties for public projects instead of payouts for such acquisitions. The Premier has also ordered the setting up of Financial Operations Plans for top institutions such as Qatar Foundation, Aljazeera and beIn Sports TV channels, Al Sidra and others for the next five years.
The Peninsula
