QNA
Doha: Minister of Finance H E Ali bin Ahmed Al Kuwari said that the
total revenue estimates in the fiscal year 2024 budget, issued by the
Amir H H Sheikh Tamim bin Hamad Al Thani, amounts to QR202bn, a 11.4%
decrease compared to the 2023 budget estimates.
In a press statement statement on Wednesday, the Minister of Finance
attributed the decrease in revenues basically to the adoption of an
average oil price of $60 per barrel for 2024 instead of $65 per barrel
in 2023, based on the international institutions estimates for oil
prices in 2024, and the conservative estimates for oil and gas
revenues.
He explained that estimates of total oil and gas revenues for 2024
amount to QR 159.0 billion, compared to QR 186.0 billion in 2023, a
14.5% decrease; indicating that the estimates of non-oil revenues for
2024 amounts to QR 43.0 billion, an increase of approximately 2.4%
compared to the budget for the fiscal year 2023.
The minister added that expenditures in the fiscal year 2024 budget
sees an increase by 1.0% from 2023 to reach QR 200.9 billion, due to a
rise in the allocations for salaries and wages increased in the 2024
budget by QR 1.5 billion, a 2.4% increase from 2023 to reach QR 64
billion.
Allocations for both current expenditures and secondary capital
expenditures also increased by 6.4% and 27.5% respectively, compared
to 2023. Major capital expenditures budget decreased by nearly 8.3%
compared to the 2023 budget given the completion of many vital
economic projects and projects related to the infrastructure plan.
The Minister of Finance affirmed that the general budget continues to
focus on achieving the goals of Qatar National Vision 2030 related to
the development of human capital by focusing on the health and
education sectors – allocations for the two sectors constitute 20% of
the total budget – in addition to the goals related to diversifying
the local economy and enhancing its competitiveness – allocations for
the communications and information technology sector have been doubled
compared to 2023.
He noted the State’s commitment to pay the equivalent of approximately
QR 7.3 billion of public debt dues in 2024, which makes the cash
deficit for 2024 at the above-mentioned oil price ($60 per barrel)
estimated at about QR 6.2 billion. This can be covered from the
surplus of the year 2023 in addition to using domestic and external
debt instruments as needed.
