By Sachin Kumar
DOHA: Qatar will use a more conservative oil price to base its upcoming budget than the previously-used $65 a barrel, due to fall in oil prices, said the Minister of Finance H E Ali Sherif Al Emadi yesterday.
Delivering a keynote address at The Euromoney Qatar Conference, the minister said budget for new fiscal is getting its final touches and will be announced soon, as it has been sent to the cabinet and the advisory council for approval.
He added that the 2016 budget will focus on providing required fund allocation for key projects in health, education, infrastructure and transportation sectors. It is going to increase efficiency in operating expenditure without affecting the quality of public services.
The Minister said that in spite of global pressures, Qatar will achieve good financial growth in the next phase, due to the on-going implementation of major projects in the field of health, education, infrastructure and in preparation for the 2022 FIFA World Cup.
Qatar will maintain its healthy economic growth rate despite the decline in oil prices. The total value of major projects in development in Qatar is QR261bn and it does not include projects for the oil and gas and private sectors .
The country is witnessing important economic development as oil and gas production have reached stable levels. The economic development in current period will depend on non oil sector. The growth in non oil and gas sector is likely to be 10 percent in the coming years, he said. Qatar is undergoing of comprehensive legislative development.
The Minister added the new tender and auction law No.24/2015 will have significant role in implementing the prin ciple of openness, equity, equal chances, freedom of competition and transparency. The new law enhances competitiveness in small and medium projects where the law exempted small and medium companies from some financial obligations. Tenders and auctions will be announced through different media.
Over 600 finance and banking professionals are taking part in the two-day conference where experts are discussing issues on finance and economy. Euromoney Conference is the leading organiser of financial events in both developed and developing markets for cross-border investment and capital markets.
The Peninsula
