Chairman of Qatar Chamber Sheikh Khalifa bin Jassim bin Mohammed Al Thani has hailed Qatar’s pro-private sector 2018 budget proposals. Responding to the budget proposals, he noted that the budget for the new fiascal has set aside significant fund for supporting food security projects, expanding small and medium industries and developing infrastructure in the economic and free zones, giving the private sector a wider opportunity to play a bigger role in the projects put forward by the State.
The 2018 budget boosts expenditure on major projects by allocating 45.8 percent of the total budget expenditure to total about QR 93bn, almost the same level as in 2017.
The allocation of this large percentage of the new budget confirms the direction of the state towards the completion of major projects in the main sectors, along with those related to 2022 FIFA World Cup., as per the original schedule.
Qatar Chamber Chairman noted that the State continues to boost public expenditure on the main sectors, including education, health and infrastructure, by allocating QR83.5bn for these sectors, representing 41 percent of the total expenditure in the 2017 budget, reflecting the State’s keenness on the interests of Qatari citizens through upgrading education and health services.
He expected the new budget to play an important role in moving the economic process in the coming period, especially as it involves the signing of new projects contracts worth a total of QR29bn, which promotes growth in non-oil sectors.
He noted that the budget supports the plans and directions of the State to continue the process of sustainable development with a focus on the implementation of key projects, especially those associated with hosting the FIFA World Cup in 2022. The budget also reveals the sound financial plans adopted by the government in dealing with fluctuations in international oil prices, as it assumes the conservative oil price of $45 per barrel.
The QC Chairman affirmed the strength of the Qatari economy and its rapid developments thanks to the wise vision of the leadership which enabled the Qatari economy to achieve growth rates that made it one of the fastest growing economies in the world. He underlined that the continued expenditure on infrastructure projects and the completion of major projects included in the national development strategy reflects the State’s interest in spending on this vital sector, which establishes for a modern state in various fields.