HH the Amir Approves 2019 Budget

HH the Amir Sheikh Tamim bin Hamad Al Thani has issued Law No.23 of 2018 approving the State’s Budget for 2019. The law is effective as of January 1, 2019 and shall be published in the official gazette.

The Ministry of Finance announced that the budget of the State of Qatar for 2019 will achieve a surplus of QR4.3bn, according to budget estimates. The surplus is a result of higher energy prices in international markets along with increasing non-oil revenues, the ministry said in a statement.

The 2019 budget assumes an average oil price of $55/barrel, compared with $45/barrel in the 2018 budget. Revenue is anticipated to reach QR211bn, up 20.5 percent compared with the budgeted revenue of QR175.1bn in 2018.

Expenditure is set at QR206.7bn, up by 1.7 percent compared to the QR203.2bn budgeted in 2018. Accordingly, the budget is expected to achieve a surplus of QR4.3bn.

Based on directives from HH the Amir, the 2019 budget is designed to achieve efficiency in current expenditure while maintaining the necessary allocations for the completion of major approved projects that contribute to the sustainable development targets of Qatar 2030 Vision.

Source: Government of Qatar