Qatar announced budget for over $182 billion projects…

Qatar has budgetary provisions to invest over $182bn (QR664bn) in various developmental projects over the next five years, which does not include oil and gas projects and private sector investments, local Arabic daily Al Watan reported on Tuesday quoting the Ministry of Finance’s annual achievement report for 2013-14.

The report quoting H E Ali Sherif Al Emadi, the Minister of Finance, said that this year’s budget will not only comply with international financial regulatory standards but also compliment with projects in line with the National Development Strategy 2011-16 and Qatar National Vision 2030.  Al Emadi said the budget has been prepared in line with government’s efforts to realise the objectives of sustainable development and controlling inflation by introducing packages and policies that aims at using financial resources in a more efficient manner.

The daily also said the ministry has implemented the Government Financial Information Management System (GFIMS) — Al Khazin — project, one of the most leading national projects in the country which represents a quantum leap in the field of information technology and a remarkable progress in the financial sector.

The GFIMS primarily aims to achieve the goals prescribed in QNV 2030, ranging from efficiently manage the available financial resources to maintain the financial stability in line with the national priorities to upgrade the public fund dealing mechanisms and the services provided to the ministries and public bodies.

According to the budge 2014-15, Qatar will spend QR225.7bn, up by QR7.6bn compared to QR218bn in the previous budget. The 3.5 percent increase in the allocation is expected to accelerate the economic activities. Qatar’s GDP is expected to witness over 6 percent growth in 2014.

The increased allocations are being directed for the implementation of various developmental projects, and this year government has allocated QR87.5bn for the mega projects, which is 16.8 percent higher compared to the the previous budget.