Following the discovery of oil and the flow of its revenues in early 1950s, the State of Qatar set up a system for the public budget, upon which these revenues can be distributed.
The first budget in Qatar was released at the beginning of the year 1373 AH (1953), during the British administration of the country.
The first budget after the independence of Qatar was released in 1392 AH (1972), with total estimated revenues of QAR 1079.2 million, and total expenses of QAR 765.8 million.
The Law No. 2 of 1962 on regulating the financial policy was issued on February 1, 1962 – It was the first financial legislation to deal with Qatar’s public financial policy.
The first manual of accounts was issued in 1977, where the budget accounts were presented in terms of revenues, expense and expenditure channels.
Law No. 5 of 1989 (Qatar’s first public budget law) was prepared on April 10, 1988 – This was an advanced step in clarifying the rules and principles on which the public budget in Qatar is based. This law was later amended in 2009 by Law No. 5.
Focus on infrastructure, health and education projects.
Apply the concept of balancing performance measurement and enhancing transparency.
Apply the standards of publishing financial statements in accordance with best international standards and the requirements of the International Monetary Fund (IMF).
Direct the current expenses in a way that ensures achieving their goals in raising the development rate.
Stress the importance of maintaining the properties of the ministries and government agencies to preserve the assets of the state and society.
Preparation stage: In this stage, the annual circular of the general budget is released. It includes the financial and economic policy for the next fiscal year. Moreover, the budget preparation committee is established to prepare the final draft of the public budget.
The budget adoption stage: The final draft of the State’s public budget is presented to the Cabinet and Shura Council, in preparation for the adoption of the budget by H.H. the Emir of The State of Qatar.
The budget implementation and follow-up stage: Notifying the ministries and government institutions to start work in the new fiscal year, informing them of the adopted budget. Also, the instructions and controls relating to the procedures of expenses disbursement and revenue collection are issued.
Closure and evaluation stage: The Ministry of Finance (MoF) prepares the final account of the public budget and submits it to the Cabinet, the Audit Bureau and Shura Council, in preparation for its adoption by H.H. the Emir of The State of Qatar.