Posted on March 31, 2011

HH the Minister of Economy and Finance Youssuf Hussein Kamal issued Thursday a statement regarding the general budget for fiscal year 2011/2012. It reads as follows:

HH the Deputy Emir and Heir Apparent Sheikh Tamim bin Hamad Al Thani issued Emiri decision number 22 of 2011 on March 31 2011 regarding the ratification of the general budget of fiscal year 2011/2012 which starts on April 1 of 2011 and ends on March 31, 2012. The figures of the general budget for this fiscal year show that it is the biggest budget that the State of Qatar has ratified in its history in terms of quantity and quality. With regard to volume, the general budget''s total revenue increased by about 27% compared to last fiscal year's budget.

Total Expenditure has also increased by 19% in comparison to the afore-mentioned year''s budget. This comes despite the slow global recovery from the impact of the global economic crisis. The increase in revenues and public spending, resulted in a surplus of almost QR22 billion, even without change in the price of oil a barrel of $55 upon which the budget has been estimated in those two years.

The International Monetary Fund said in its last report that Qatar is heading towards achieving the strongest performance compared to GCC countries. The Gross Domestic Product (GDP) achieved growth of 16.3% in 2010, it is expected that a growth rate of 20% will be achieved in 2011 in addition to the stability of that growth due to the expansion in the production of Liquefied Natural Gas (LNG) as well as expansion in investments.

In terms of quality, due to our wise leadership Qatar continued, with firm steps, the march towards sustainable comprehensive development. Its reference is its adopted development policies which started with the achievement of its LNG projects ahead of schedule, with its production capacity reaching 77 million metric tons compared to 30 million tons in 2008, the strong support which the government provided to of banking system and the continued increase in public spending.

HE the Minister of Finance and Economy Youssuf Hussein Kamal issued Thursday a statement regarding the general budget for fiscal year 2011/2012. It reads as follows: HH the Deputy Emir and Heir Apparent Sheikh Tamim bin Hamad Al Thani issued Emiri decision number 22 of 2011 on March 31 2011 regarding the ratification of the general budget of fiscal year 2011/2012 which starts on April 1 of 2011 and ends on March 31, 2012. The figures of the general budget for this fiscal year show that it is the biggest budget that the State of Qatar has ratified in its history in terms of quantity and quality. With regard to volume, the general budget''s total revenue increased by about 27% compared to last fiscal year''s budget. Total Expenditure has also increased by 19% in comparison to the afore-mentioned year's budget.

This comes despite the slow global recovery from the impact of the global economic crisis. The increase in revenues and public spending, resulted in a surplus of almost QR22 billion, even without change in the price of oil a barrel of $55 upon which the budget has been estimated in those two years. The International Monetary Fund said in its last report that Qatar is heading towards achieving the strongest performance compared to GCC countries.

The Gross Domestic Product (GDP) achieved growth of 16.3% in 2010, it is expected that a growth rate of 20% will be achieved in 2011 in addition to the stability of that growth due to the expansion in the production of Liquefied Natural Gas (LNG) as well as expansion in investments. In terms of quality, due to our wise leadership Qatar continued, with firm steps, the march towards sustainable comprehensive development. Its reference is its adopted development policies which started with the achievement of its LNG projects ahead of schedule, with its production capacity reaching 77 million metric tons compared to 30 million tons in 2008, the strong support which the government provided to of banking system and the continued increase in public spending.

This year's budget, besides the traditional administrative division, introduced a functional division of public expenditures distributing it to 10 public services sectors namely: defense and security, public order and safety affairs, economic affairs, environment protection, housing and community facilities, health, sport and culture, education and social protection.

Due to the great importance the government attaches to the education, health and housing sectors, an amount of QR 19.3 billion has been allocated to the education sector up QR 2.1 billion from last year or an increase rate of 12 percent. An amount of QR 8.8 billion has been devoted to the health sector, up from last year amount by QR 301 million with an increase of 3.6 percent while an amount of QR 5.2 billion has been earmarked for housing with an increase of QR 2.6 billion riyals last year with an increase rate of 100percent. The economic policy took into account Qatar National Vision 2030 and the National Development Strategy 2011/ 2016. That was clearly reflected in the allocation of 41 percent of public expenditures to public projects as it included the financing of major projects such as the New Doha Port, the railway project studies and the completion of New Doha International Airport, the sanitation system and other infrastructure projects, with priority given to health and education sectors, which HH the Emir and HH the Heir Apparent give utmost attention.