Qatar projects $7.7 billion deficit in 2018 budget

Qatar has projected a deficit of about $ 7.7 billion in its budget for 2018 for the third consecutive year because of falling energy prices, the country’s finance ministry has admitted.

The ministry said it expects spending in the budget to reach $ 55.4 billion, compared to $ 47.7 billion, slightly higher than previously estimated. The ministry has already forecast a deficit of $ 7.8 billion for this year’s budget.

According to a statement released by the ministry, it had calculated oil income for next year at $ 45 a barrel, unchanged from 2017, despite the rise in crude oil prices.

In 2016, after 15 years of surplus, Qatar suffered its first budget deficit of $ 12 billion. The spending on major projects is expected to reach $ 25 billion, roughly equivalent to spending in 2017, of which $ 3 billion will be earmarked for World Cup projects, the ministry said.

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Last Update: Wednesday, 20 May 2020 KSA 09:50 - GMT 06:50
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