Budget for new fiscal expected tomorrow

 29 Mar 2014 - 5:26


DOHA: The government is expected to announce its annual budget for the year 2014-15 tomorrow. The budget for the new fiscal is expected to be one of the largest in the history of Qatar, Al Sharq reported yesterday.
The Cabinet approved the draft budget on March 19 before referring it to the Advisory Council for further discussion. At the Cabinet meeting, Minister for Finance H E Ali Sherif Al Emadi explained the aims and objectives of the proposed allocations to various sectors in the new budget.
Considering the government’s projected investment in the construction sector, the private sector is keenly waiting for the budget announcement. Major allocations are expected in the infrastructure, health and education sectors this time.
Government spending in the current fiscal (2013-14) was an estimated 18 percent higher than in the previous one (2012-13). An estimated 40 percent was allocated to public projects, and salaries and wages increased by 23.7 percent in the current fiscal. Spending on the education sector increased by 15 percent in the current fiscal compared to 2012-13. 
According to the government’s strategic plans, the new budget is expected to earmark an estimated 13.4 percent of the total allocation, meaning 3.8 percent of the country’s GDP, for the education sector.