DOHA: Finance Minister H E Ali Sherif Al Emadi re-affirmed yesterday that Qatar will launch its all proposed projects as per the original plans. None of these projects will be delayed or deferred, he said.
The Minister stressed that the implementation of state projects are in accordance with the plans and programmes announced in the state budget. Funds would be allocated to the concerned projects strictly in line with the budget proposal. If needed, more funds would be allocated for the projects that are fast progessing, the Minister said.
The Ministry of Finance is holding a series of meetings with concerned government entities to prioritise future projects, with a special emphasis on World Cup 2022-related projects. The FIFA-focused projects will get a special priority over the next seven years.
Al Emadi said that the new state budget for 2016 will witness an increase in public spending compared to the current fiscal. The size and pace of the implementation of mega projects will increase in next fiscal. The government will hold consultation with various ministries and government agencies prior to preparing the 2016 budgets. The public spending will be exactly matching to the available resources, Al Sharq reported.
Earlier, addressing a workshop, the minister said the 2016 budget, which will be effective from January, will be different in many ways. The 2016 budget will be focusing not merely on the allocations to various ministries and government departments as was the practice until the current fiscal, but will consider the resources being generated by each government entities and agencies. The new budget will also be structured according to the global standards set by international financial agencies like IMF.
Al Emadi said preparation of the new budget proposal needs coordination and cooperation of ministries and concerned government entities.
The ministries and government agencies will be directed to prepare their budgets for the new fiscal according to their actual needs, without over-projection.
There will be ample allocations for all projects, but the state will be strict on the spending policy to ensure public spending is not weakening the economy.
The Ministry of Finance has asked all concerned government agencies, including ministries, to prepare their budget estimates for next three years 2016-18.
This will ensure 2016 budget estimates will be close to actual figures.
Meanwhile, National Bank of Kuwait (NBK), in its economic update on Qatar, noted that Qatar’s five-year, $210bn infrastructure development plan is expected to proceed in spite of the decline in energy prices.
About $29bn worth of contracts were awarded last year and the momentum is expected to further increase this year on the back of $13bn worth of contracts for strategic projects awarded in the first quarter of 2015. The Peninsula
