Doha: Chairman of Qatar Chamber Sheikh Khalifa bin Jassim bin Mohammed Al Thani affirmed that the state’s budget for the year 2022 reflects the strength and durability of the national economy, and will reflect positively on national companies, especially private sector companies.
He said that the 2022 budget supports the country’s plans in continuing the process of sustainable development. He added that it also reflects the strength of the Qatari economy, which is witnessing rapid development thanks to the vision of the wise leadership.
He highlighted that those factors helped the economy achieve growth rates that made it among the fastest growing economies in the world despite the challenges posed by the of the coronavirus (COVID-19) pandemic and its negative impact on economies worldwide.
He highlighted the significant increase in this year’s budget compared to last year, through an increase in revenues by 22.4 percent to QR196bn, and an increase in expenditures by 4.9 percent from last year to QR204.3.
The Chairman of Qatar Chamber expected that the forecast deficit in the 2022 budget, estimated at QR 8.3 billion, would be balanced, especially with expectations that oil prices would continue to rise at their current levels above $70 a barrel in 2022, given the budget was set with the average price of a barrel of oil estimated at $55.
He pointed out that the 2021 budget had its estimates indicating a deficit when it was issued, but according to the official figures of the Ministry of Finance, the budget recorded a surplus of QR4.9bn during the first nine months of this year, and the surplus is expected to rise during the last quarter of the year.
