His Highness issued a law approving it and taking it into effect on the first of January
200.9 billion riyals in expenditures in the 2024 budget
Minister of Finance: 2.4% increase in allocations for salaries and wages
20% of the budget for health and education
Double the allocations for communications and information technology
2:02 AM, Thursday, December 21, 2023
Doha – Qena:
His Highness the Emir Sheikh Tamim bin Hamad Al Thani issued Law No. 17 of 2023 approving the state’s general budget for the fiscal year 2024.
The law stipulated its implementation, effective as of January 1, 2024, and published in the Official Gazette.
His Excellency Mr. Ali bin Ahmed Al Kuwari, Minister of Finance, announced that the total expected revenues of the general budget of the State of Qatar for the fiscal year 2024, which was issued by His Highness the Emir Sheikh Tamim bin Hamad Al Thani earlier yesterday, amounts to 202.0 billion riyals, a decrease rate estimated at 11.4% compared to the total revenues expected in the 2023 budget. In a statement yesterday, His Excellency the Minister of Finance attributed the decrease in revenues mainly to adopting an average oil price of $60 per barrel instead of $65 per barrel as in 2023, taking into account the estimates of international institutions for oil prices during the year . 2024 and continue to take a conservative approach in estimating oil and gas revenues.
His Excellency Mr. Ali bin Ahmed Al Kuwari said that the expected oil and gas revenues for the year 2024 amount to 159 billion riyals, compared to 186 billion riyals in the 2023 budget, which represents a decrease of 14.5 percent, indicating that the expected non-oil revenues for the year 2024 It amounts to 43 billion riyals, an increase of approximately 2.4 percent compared to the budget for the fiscal year 2023.
His Excellency the Minister of Finance explained that total expenses (spending) witnessed an increase of approximately 1.0 percent compared to the year 2023, to reach 200.9 billion riyals, as allocations for salaries and wages for the year 2024 increased by 1.5 billion riyals, or by 2.4 percent from the year 2023, to reach the amount of 64 billion. Real.
Allocations for both current expenditures and secondary capital expenditures also increased compared to the previous year by 6.4 percent and 27.5 percent, respectively. While the budget for major capital expenditures decreased by about 8.3 percent compared to the 2023 budget, coinciding with the completion of many vital economic projects and projects related to the infrastructure plan.
His Excellency Mr. Ali bin Ahmed Al Kuwari, Minister of Finance, confirmed that the general budget continues to focus on achieving the goals of the Qatar National Vision 2030 related to developing human capital by focusing on the health and education sectors, as allocations for the two sectors constitute 20 percent of the total budget, in addition to the related targets. By diversifying the local economy and enhancing its competitiveness, as allocations for the communications and information technology sector were doubled compared to 2023. He also indicated the state’s commitment to pay the equivalent of about 7.3 billion riyals of public debt dues in 2024, which brings the Cash deficit for 2024 at the oil price mentioned above ($60 per barrel) is estimated at approximately 6.2 billion riyals, which can be covered from the surpluses of the year 2023 in addition to the use of local and external debt instruments as needed.
