Qatar approves record $62bn budget

Photo: Qatar approves record $62bn budget  / Arab World

Gas-rich Qatar, pushing ahead with a massive infrastructure drive in preparation for hosting the 2022 football World Cup, unveiled a record budget Sunday of almost $62 billion, Al-arabiya reported.

The emir, Sheikh Tamim bin Hamad Al-Thani, approved a budget of 225.7 billion riyals ($61.98 billion) for the 2014-2015 fiscal year, up 3.5 percent from last year, said Finance Minister Ali Sharif al-Emadi.

The budget for the Qatari fiscal year which runs from April 1 to March 31 was based on an oil price of $65 per barrel.

Qatar expects six percent economic growth in 2014 and a 3.7 percent increase in this year's expenditure, rising to 218.4 billion riyals ($59.977 billion).

"Most of the increase in 2014/2015 expenditure estimates was directed to complete and implement development projects," the minister said, quoted by the official news agency QNA.

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