Qatar approves record US$62 billion budget in preparation for World Cup
April 1, 2014, 12:09 am TWN
DOHA, Qatar -- Gas-rich Qatar, pushing ahead with a massive infrastructure drive in preparation for hosting the 2022 soccer World Cup, unveiled a record budget Sunday of almost US$62 billion.
The emir, Sheikh Tamim bin Hamad Al-Thani, approved a budget of 225.7 billion riyals (US$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 US$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 (US$59.977 billion).