DOHA: Qatar’s government will restrain current spending to achieve small budget surpluses and transfer less money to its sovereign wealth fund in coming years if oil and gas prices do not rise, according to the country’s new five-year development plan.
The National Development Strategy for 2018-2022, released by Prime Minister Sheikh Abdullah bin Nasser al-Thani on Wednesday, calls for the economy to become more self-reliant in food production and efficient in energy use as it faces a boycott by Saudi Arabia and three other Arab states.
The projections assume that average oil and gas prices in 2018-2022 will be in line with their levels in January 2017, when Brent oil was trading around $55 a barrel. That implies there is room for more strength in the economy and state finances than expected; Brent is currently around $65.
