Strict budget guidelines issued

February 22, 2013 - 3:05:47 am

DOHA: The ministries and various government entities will submit their draft budget proposals for the next three fiscals in early March. The Ministry of Economy and Finance has issued a ‘ budget guideline’ to 142 government entities, including ministries and government agencies, detailing how they should prepare budget drafts for the fiscals 2013-14, 2014-15 and 2015-16.

The budget, with a focus on seven strategic development pillars, is expected to be announced in early April 2013.  The new budget will leverage the government’s spending efficiency, according to the document handed over by the Minister of Economy and Finance H E Yousuf Hussein Kamal. 

The ministries and government agencies have been asked to submit their proposals at least three weeks before discussion on the budget begins. 

The Ministry of Economy and Finance’s document lays down strict conditions for accepting the government bodies’ requests for budget allocations. They have been asked to provide a detailed account of fund utilisation and the desired outcome of budget spending.

The sector-based budget for the fiscals 2013-14,2014-15 and 2015-2016 would aim to keep the Qatari economy sustainable and build a better future in line with Qatar National Vision 2030. The new budget will focus on infrastructure, science and technology, improving the service sector, economic diversification, education, health and the environment to support sustainable development.

The ministries and government agencies will prepare their budget proposals as per strict instructions from the Ministry of Economy and Finance, which has also made it clear that there would be strict monitoring of spending. Fund allocation would be based strictly on performance and the outcome of spending. The ministry has asked all the entities concerned to comply with the guidelines.

The budgetary allocations would also be based on the performance of each government entity the previous year. The spending pattern in the previous fiscal would be evaluated before funds are released for the coming years.

The budgets for the coming three fiscal years will set aside a huge outlay for infrastructure development as Qatar’s ongoing projects are valued at more than $250bn. A staggering $100bn is planned to be spent on development projects ahead of the FIFA World Cup in 2022; even before Qatar won the bid to host the event, the real estate market, with an actual value of $55bn, had experienced significant growth.

THE PENINSULA

comments powered by Disqus