Private sector leaders and experts in the oil and financial sectors welcomed what they described as the positive indicators and bright spots included in the state’s general budget for the fiscal year 2021, which was approved by His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the country, yesterday, with total estimates of revenues amounting to 160.1 billion riyals and total planned expenditures With a value of 194.7 billion riyals during 2021, he told investors and experts in meetings with Al-Sharq that the new budget, including the allocations it contained, completes major projects and stimulates the growth of productive sectors, and opens new horizons for continued economic growth, which is expected to reach 2.5% during the year 2021. They noted that the expected deficit in The budget, estimated at 34.6 billion riyals, which will not constitute a burden on the budget or its projects, since the Ministry of Finance is able to cover it through available cash balances or by issuing domestic and foreign debt instruments if the need arises, and the expected jump in local and foreign investments will cover any deficit or effects of price fluctuations. Oil.
Khalifa bin Jassim: 2021 budget confirms the strength of the national economy
His Excellency Sheikh Khalifa bin Jassim bin Muhammad Al Thani, Chairman of the Qatar Chamber, said that the state’s general budget for the fiscal year 2021 was approved by His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the country today, Thursday, December 10, 2020 Reflects the strength of the Qatari economy despite the Corona pandemic and its repercussions related to precautionary measures against the outbreak of the virus, as the budget includes continued spending on major projects, as well as allocating large sums to education and health projects, the two sectors that always capture the attention of His Highness the Emir.
He pointed out that the acquisition by major projects of about 37% of total expenditures amounted to 72.1 billion riyals of the total budget expenditures amounting to about 194.7 billion riyals confirms that the state will continue to provide the necessary financial allocations to complete all projects related to the 2022 World Cup in a timely manner and well before the start of the World Cup. .
His Excellency the Chamber’s President indicated that the budget supports the state’s plans and directions to continue the process of sustainable development, as well as reveals sound financial plans that the government is pursuing in dealing with fluctuations in global oil prices, as the price of a barrel of oil was calculated at $ 40 a barrel, pointing to the strength and durability. The Qatari economy, and the rapid developments it is witnessing thanks to the vision of the wise leadership that enabled the Qatari economy to achieve growth rates that made it one of the fastest growing economies in the world.
Dr.. Khaled Al-Sulaiti: It meets the needs and focuses on the priority projects
Description of Dr. Khalid bin Ibrahim Al-Sulaiti, an economist and financial expert and deputy chairman of the Bait Al-Mashura Financial Consulting Company, the state’s general budget for the fiscal year 2021 as a logical budget in light of the current conditions surrounding the economies of the region and the world. He said that the new budget is successful, as it focused on high-priority projects such as infrastructure, health, education, and other areas of importance that need attention at the present time, especially in light of the conditions of the “Covid 19” pandemic, which have strained the world’s budgets with its impact, and came to meet all the needs that The Minister of Finance, HE Mr. Ali Sharif Al-Emadi, Minister of Finance, mentioned it in announcing the size of the total estimates for the budgeted revenues. Dr. said. Al-Sulaiti said that, through his reading of what was stated by the Minister of Finance, he does not see that there are any problems or obstacles facing the general budget. Rather, they can be easily overcome, as the Minister indicated the sound precautions taken by the state to overcome any obstacles that may face the implementation of the budget provisions, as the ministry will work on Covering the expected deficit through available cash balances or by issuing domestic and foreign debt instruments if the need arises. Dr. stressed. Al-Sulaiti stressed the importance of the comprehensive and balanced view that was made in developing the budget, through its emphasis on proper planning and after the outlook and its assertion that Qatar is proceeding on very well thought out foundations. Today’s world. He said that the leadership in Qatar is always keen to estimate its budget conservatively, pointing out to Mr. Al-Emadi’s announcement in his press statement that the general budget for 2021 was based on an estimate of the price of oil at the level of $ 40 a barrel, which is consistent according to Dr. Al-Sulaiti responds to the fluctuations in oil prices, so that if the prices fell by a certain amount, the economy would be safe from loss, and if it rose, the economy would be in a better condition.
The economic and financial expert d reviewed. Al-Sulaiti, the circumstances that passed during the last period due to the Corona crisis and cast negative shadows on the economic, financial and commercial conditions in the various countries of the world and led many economies to the brink of collapse, but Qatar had from the beginning paid great attention to the health conditions in the country and allocated a special budget to overcome the pandemic With the precautionary measures.
Dr.. Ismail: The expected rise in oil supports the budget projects
Economic expert Dr. Ragab Al-Ismail said that allocating 194.7 billion riyals as expenditures in the state’s general budget for the fiscal year 2021 reflects the focus of our wise leadership on continuing to support a range of sectors in order to reach what is planned within our future vision, as it is clear to focus on and support the main projects With others related to hosting the 2022 World Cup, in addition to plans to develop citizens’ lands, by allocating an amount of 72.1 billion riyals for these projects, stressing the completion of the World Cup projects and the further development of the infrastructure during the next year. It will work on developing many other areas in the country, which will return to many The positives for our local economy in the coming period, of course.
Ismail added that talking about a deficit of 34.6 billion riyals, and determining the value of imports at 160.1 riyals is an estimate given the approval of the budget by approving the price of oil at the level of $ 40 per barrel, while the price of a barrel is expected by the end of 2021 to reach $ 60 at the beginning of The global economy has recovered from the negative effects caused by the outbreak of the new Corona epidemic in various countries, indicating that there is a possibility of equal volume of imports and their counterpart of expenditures without relying on cash balances.
Aref Al-Shammari: To continue completing state projects
Businessman Aref Al-Shammari emphasized the strength of the Qatari economy and the state’s ability to implement all development projects decided in the new general budget 2021, which included the establishment of new projects in addition to the projects currently being implemented in the field of infrastructure, health, education and other vital projects. Al-Shammari said that the size of the total estimates of revenues for the general budget for the new fiscal year 2021 were balanced in order to achieve the country’s ambitions without exaggeration or exaggeration, especially in light of the stressful conditions surrounding all global economies, which our rational government was able to overcome and overcome all obstacles and obstacles that could stop the process of construction and reconstruction. The country was organized, whether due to the Corona crisis or the challenges that we crossed over with strength and steadfastness, with which the energies and creativity of Qatari youth exploded in a heroic epic and a remarkable turn around wise leadership. That said, $ 72.
The two options: pushing through major diversification projects
Economic expert Saeed Al-Khayyarin saw that the state’s general budget for the fiscal year 2021 largely reflects the strength of our local economy and is not affected by the major negative aspects caused by the circumstances that the world went through in our current year, pointing out that the disclosure that the volume of imports will reach 160.1 billion riyals indicates the success of the diversification project. And increase the main sources of income, stressing that the estimate of the fiscal deficit in this budget of 34.6 billion riyals is reasonable in view of the challenges ahead and the approval of the price of a barrel of oil at $ 40, which is an estimated value in which the minimum expected price of oil was taken in the current year, at a time when In it, many opinions indicate that the value of one barrel of oil will reach about $ 60 in the new year, which means that the value of the deficit will be significantly reduced compared to what was previously announced.
And between the two options, reading the budget confirms that the state, by allocating 72.1 billion riyals for major projects, is still, as usual, committed to completing the 2022 World Cup projects at the appointed time, while developing the infrastructure sector, which is among the most important pillars of building modern economies as it plays a major role in advancing all Activities in the country, which will necessarily lead to achieving growth in the local economy in the coming stage at a time when it will be difficult for other countries to achieve this, given the current data at the level of the global economy.Al-Khayyarin clarified his words by stressing that Qatar will be among the few countries that will succeed in continuing the economic development process, as it is considered one of the countries least affected by the recent health crisis and in view of the great fundamentals it has shown regarding the rapid exit from this critical stage, stating that the financial budget allocated by it For the next year, the government will offer many investment opportunities for investors.
Dr.. Mohamed Mubarak: Citizens are happy with the new services included in the budget
Businessman Dr. Muhammad Mubarak Al-Sulaiti said that the total revenue estimates for the state budget for the fiscal year 2021, approved by His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the country, may God protect him yesterday, amounting to 160.1 billion riyals, reflects the continuation of the economic approach based on Ensure the provision of necessary funds to implement major projects. Al-Sulaiti pointed out that, given the volume of expenditures and their allocations, the various productive sectors are on the verge of a big leap in growth and expansion, adding that the budget constitutes a positive impetus for the national economy after the Corona pandemic, given the size of the sectors benefiting from this budget and the sectors associated with it, whether they are transport or Leasing, shipping, export or manufacturing.
Saleh Al Sharqi: Promising prospects for the development of the education and health sectors
Saleh bin Hamad Al Sharqi, Director General of the Qatar Chamber, said that the state’s general budget for the fiscal year 2021, which was approved by His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the country, will enhance economic performance, which has achieved positive performance despite the circumstances of the Corona pandemic. The Director General of the Qatar Chamber noted the allocation of 16.5 billion riyals to the health sector in the general budget for 2021, which represents 8.5% of the total expenditures, which include more important projects in the field of health care development and the expansion of approved medical and health facilities for the next year, indicating that this confirms the interest The state is concerned with the health of the citizen and resident and the development of health facilities in Qatar, pointing out that the allocation of 17.4 billion riyals to the education sector at a rate of about 9% also reflects the interest of His Highness the Emir to develop education in Qatar to match the developed countries.Al-Sharqi pointed to the allocations included in the budget for the development of citizens’ lands, by providing an integrated infrastructure of water, electricity, sewage, roads and all other facilities in different regions of the country, and said that the development of these lands will lead to the expansion of residential lands in a way that enhances urban expansion.
Dr.. Abdullah Al-Khater: Expectations of surpluses while working with the budget
The economist d. Abdullah Al-Khater, on the expectations that the new general budget 2021 will achieve estimated growth and surpluses, although it was based on an estimation of the price of oil at the level of $ 40 per barrel, as part of the state’s continued adoption of a conservative policy in estimating revenues to maintain the financial balance and limit the effects of oil price fluctuations on Performance, and he said that there is an optimistic outlook for the new public budget 2021 and the state’s ability to complete development projects in various sectors. Covering important priorities for the citizen and resident and fulfilling the 2020 benefits. The positive situation and the return to health and strengthening of the economy. Dr. Al-Khater said that calculating the budget based on specific estimates placed Qatar in a remote location from crises and deficits, avoided the state any financial challenges in the past, and described the continuity of this approach until now as a rational matter and immunized the economy from any expected fluctuations. He drew attention from the state to the health of citizens and residents, which was reflected in the allocations for the health and education sectors. He said that the state was also able, during the course of success, to complete most of the huge infrastructure projects, including roads, bridges, tunnels, bridges and subways during the past years, which is one of the great gains that confirms that the state, through the budget, continues to focus on important sectors and the priorities of the citizen and resident.
Kahlut: positive signs of continued growth
The economist, Bashir Al-Kahlout, said: It is possible to talk about basic aspects about the state’s general budget for the new year 2021, the first of which is the price of oil on which the budget was built, which is here $ 40, which, as the budget statement said, is a relatively conservative price, because compared to the current year 2020 We find that the price was $ 55 a barrel, and if we wanted the actual price after the drop in oil prices in March and April as a result of the Corona pandemic, as it reached in some periods below $ 25, but in general it has returned and has solidified over the past months around $ 40 and more, and thus it is expected to range from Between 40 to 45 dollars a barrel. The second important point relates to the expenditures built at the level of 194. 7 billion riyals, and these billions are almost billions less than the current year’s expenditures, which were in the range of 205 billion riyals, with a limited decrease, and this reflects the continuation of the spending policy committed to implementing World Cup projects and development projects, so we find that this is a good situation, as sufficient funds will be available to implement major projects In this field, including 17.4 billion riyals for education and 16.5 billion riyals for the health sector. We expect that things will proceed in a positive manner and that the Corona epidemic will end so that the economic life in the country will not be disrupted more than it was disrupted in 2020, and so things will be good, God willing.
