Budget 2023 targets QR228bn revenue: Finance Minister – The Peninsula

Budget 2023 targets QR228bn revenue: Finance Minister – The Peninsula

Doha: The 2023 budget estimates total revenues in 2023 at QR228bn ($65bn), an increase of 16.3 percent compared to the 2022 budget. Minister of Finance H E Ali bin Ahmed Al Kuwari presenting the general budget 2023 at the Ministry of Finance yesterday attributed the increase in public revenues mainly to the adoption of an average oil price of $65 per barrel for the 2023 financial year in place of the $55 per barrel price in the 2022 budget.

Minister Kuwari chaired a press conference announcing Qatar’s general budget for the 2023 fiscal year, which sets spending at QR199bn ($54.6bn), a 2.6 percent decline from the general budget for 2022.

The general budget was based on an oil price of $65 per barrel, a conservative figure adopted by the Ministry of Finance as part of its strategy to allocate financial resources towards existing commitments expected during the year and to fund national development strategy programs and projects.

This increase is a result of the remarkable recovery in global energy prices during the current year, in addition to energy prices, which International Financial Institutions (!Fis) estimate will continue to rise in the medium term. Estimates of total oil and gas revenues for the next