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WorldJune 2 2014

Finance minister looks to restructure Qatar

Qatar's gross domestic product growth may be envied by much of the rest of the world, but the country's finance minister is not blinkered by the country's current economic success. As he explains to The Banker, the need to diversify the hydrocarbon-reliant economy is great, which is why he has just announced a record-breaking budget to this end.
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Finance minister looks to restructure Qatar

In March 2014, Qatar’s minister of finance, Ali Shareef Al Emadi, unveiled the largest annual budget in the country’s history. At QR225.7bn ($62bn), the ambitious expenditure plans will support the final stages of a 2011 to 2016 medium-term development strategy, with a focus on meeting upcoming infrastructure needs, as well as driving the country towards its 2030 development vision.

Representing a 3.5% increase from the previous fiscal year, the budget is expected to provide fresh impetus to non-hydrocarbon growth, as the economy continues its swift diversification away from oil- and gas-based activity.

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