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Monday, May 7, 2012

2022 projects to have huge budget share

DOHA: Huge allocations are likely to be made for the mega projects linked to the 2022 Fifa World Cup in the next fiscal year’s (2012-13) budget which is expected to be unveiled belatedly next month-end.
Public spending on development projects is thus likely to go up 20 to 30 percent in the new state budget as compared to the current budgetary estimates.
The Ministry of Economy and Finance has made the necessary changes in the budgetary estimates for the new financial year that is expected to begin from July 1 instead of April 1.
Outlays are being made for 190 development ‘programmes’ sector-wise instead of the earlier practice of making broader allocations for a sector, Al Sharq reported yesterday.
The outlays are being made keeping in view the new methodology of budget preparation which will be based on the goals as envisioned in the National Development Strategy (2011-16). The budget will be programme-oriented and help achieve the goals that are set to be achieved within the framework of the National Development Strategy (NDS).
For the first time the state budget will makes estimates of revenues on a monthly basis instead of the earlier practice of making estimates on an annual basis.
It is also interesting to note that development projects are likely to include some ongoing as well as new projects like the New Doha International Airport and New Doha Port. Among the new projects will be the railways.
The main infrastructure sectors that would witness increased allocations in the new budget will include health, education, power and water, science and technology and housing.
The focus of the new budget will also be on aiding the crucial economic diversification effort of the state. Put in simple words, the budgetary allocations are expected to put an added emphasis on small and medium enterprises that hold the key to diversification.
The salaries’ head of the state expenditure is like to soar 20 to 25 percent in the new budgetary estimates due to the fact that last year the government announced hefty salary raise for Qatari public servants.