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Qatar’s budget surplus triples

Qatar's budget surplus has more-than-tripled to QR44.5bn ($12.2bn) in the fiscal year ended in March, twice as much as the original plan, helped by booming revenues from liquefied natural gas, Reuters has reported, citing the prospectus for the country's potential Islamic bond issue. In the previous fiscal year, Qatar posted a surplus of QR12.8bn, or 2.8% of GDP. Expenditure surged 11% to a record QR158.9bn last fiscal year, according to preliminary data, the prospectus said, well above QR139.9bn planned. "Due to a significant wage and pension increase ... for Qatari government employees, government expenditure for salaries and wages is expected to significantly increase for future budgets," the prospectus said.