Qatar budget spending to jump 18% to $58bn in 2013/14

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Qatar plans to boost the government spending by 18 percent to QAR210.6bn (US$57.8bn) in the 2013/14 fiscal year that began on Monday, the QNA state news agency quoted Finance and Economy Minister Youssef Kamal as saying.

The OPEC member's emir on Monday approved the budget with revenues of QAR218.1bn and a planned surplus of QAR7.4bn, well down from a surplus of QAR27.7bn it pencilled in for the previous 2012/13 fiscal year, QNA said. The budget is based on an assumed oil price of US$65 per barrel.

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