Qatar to invest $182bn in development projects
Doha, July 11, 2014
Qatar has budgetary provisions to invest over $182 billion in various developmental projects over the next five years, which does not include oil and gas projects and private sector investments, said a report.
This year’s budget will not only comply with international financial regulatory standards but also compliment with projects in line with the National Development Strategy 2011-16 and Qatar National Vision 2030, Ali Sherif Al Emadi, Minister of Finance was quoted as saying in the Peninsula report.
The budget has been prepared in line with government's efforts to realise the objectives of sustainable development and controlling inflation by introducing packages and policies that aims at using financial resources in a more efficient manner, it said.
The ministry has implemented the Government Financial Information Management System (GFIMS) - Al Khazin - project, one of the most leading national projects in the country which represents a quantum leap in the field of information technology and a remarkable progress in the financial sector, said the report.
The GFIMS aims to achieve the goals prescribed in QNV 2030, ranging from efficiently manage the available financial resources to maintain the financial stability in line with the national priorities to upgrade the public fund dealing mechanisms and the services provided to the ministries and public bodies.
According to the budget 2014-15, a 3.5 per cent increase in the allocation is expected to accelerate the economic activities. Qatar's GDP is expected to witness over six per cent growth in 2014.
The increased allocations are being directed for the implementation of various developmental projects, and this year government has allocated QR 87.5 billion for the mega projects, which is 16.8 per cent higher compared to the previous budget.