Qatar goes conservative with 2016 budget | GulfNews.com:
"The passing of the state budget for 2016 this month proves that Qatar has effectively ended the practice of starting its fiscal year in April. This leaves Kuwait as the sole country within the Gulf Cooperation Council (GCC) which runs its fiscal year between April and March.
Not surprisingly, the budget is conservative on revenues but not necessarily with the expenditures. The drop in oil prices over the past 18 months leaves the authorities with no choice but to project lower revenues. Conversely, the country is committed to completing a number of projects ahead of hosting the World Cup 2022, undoubtedly good news for sectors like construction.
The 2016 budget projects revenues of $42.9 billion, considerably below that of $62 billion assumed in 2015. The culprit are the adverse developments in the international petroleum market, where the stakes are high for Qatar being a leading exporter of liquefied natural gas (LNG)."
'via Blog this'
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