The Ministry of Finance announced today that the fiscal year 2014/15 for the State of Qatar will be extended until the end of 2015 as a transitional period prior to the harmonization of the fiscal year with the calendar year, starting in January 2016.
In statement to Qatar News Agency the Ministry of Finance has announced that budget estimates of revenue and expenditure for the fiscal 2014/15 budget will be extended until the end of 2015, on a pro rata basis.
HE Minister of Finance Ali Shareef Al Emadi stressed that the pro rata extension of expenditure for the coming nine months, despite the dip in energy prices in global markets, demonstrates the government’s commitment to continue executing its extensive development program. The focus remains on major projects in health, education, infrastructure and transportation as well as projects related to FIFA World Cup 2022.
HE the Minister of Finance indicated that the next nine months will be considered as an extension of the 2014/15 budget, such that the current fiscal year will cover a period of 21 months, adding that the budgeted average oil price for this period will remain at $65 per barrel. He explained that the estimated revenue for the extended nine months is QR169.3 bn, with total revenue during the full 21 months at QR395.0 bn. The estimated expenditure for the next nine months is QR163.8 bn, with total expenditure during the full 21 months estimated at QR382.2 bn.
The budget until 31 December 2015 will be as follow: Revenue for nine months untill end of 2015 will be QR 169.3 billion while the total budget for 21 months reaches QR 395 billion.
Expenditure for nine months untill end of 2015 will be QR 163.8 billion while the total for 21 months will be QR 382.2 billion. Surplus for nine months untill end of 2015 will be QR 5.5 billion while the total surplus for 21 months will be QR 12.8 billion.