Budget of 2013/2014 Reflects Qatar's Development Ambition, HE Minister Of Finance Says

Doha , April 01 (QNA) - HE Minister of Economy and Finance Yousuf Hussein Kamal said that Qatar's budget for the fiscal year 2013/2014 reflects the country's continued journey of development to reach its goals of Qatar National Vision 2030 and Qatar National Development Strategy 2011-2016. The budget was approved by HH the Emir Sheikh Hamad bin Khalifa Al Thani and HE the Minister of Economy and Finance released a statement today saying that the directives of HH the Emir were the key the state managed to overcome the challenge of achieving high growth rates in a turbulent global economic time. Kamal also praised the spirit of the people of Qatar in trying to maintain the success they have achieved. He added that the country has managed to avoid a lot of the negative impacts of the economic crisis since it hit in 2008. He said that the budget was adopted with the price of oil estimated at 65$ a barrel. He added that the growth in non-oil sectors, such as services, has helped the country maintain its high growth rates. He also said that the State of Qatar targets a AAA credit rating in the next three years. The Minister of Finance said that revenues for this year were up 6%. Mainly due to increases in tax revenue after the tax exemption period for a number of companies ran out. Government spending grew by 18% compared to last year. Public projects occupied 40% of that spending. Wages took 23.7%. Spending on education and health increased by 15%; the government spends 3.8% of its GDP on education (13.4% of the budget). HE the Minister of Finance said that this level allows Qatar to advance towards a knowledge-based economy. Spending on health increased by 13% compared to last year. The increase was mainly due to the operating of Al Wakra hospital and Sidra hospital. In addition to obtaining new equipment in the departments of women and children, he noted. The revenue for the budget of the 2013/2014 fiscal year is estimated at QR 218 billion and 51 million, while Last year's revenue was QR 206 billion and 273 million. (QNA)