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Qatar faces first budget deficit for 15 years

Foreign laborers work at the construction site of the al-Wakrah football stadium, one of the Qatar's 2022 World Cup stadiums, on May 4, 2015Qatar faces a budget deficit in 2016 for the first time in 15 years because of the oil price slump but vowed Wednesday to forge ahead with huge spending plans as 2022 World Cup host. Super-rich Qatar expects next year to run a fiscal shortfall of 4.9 percent of GDP, the ministry of development planning and statistics said on its website, and 3.7 percent in 2017. “The fall in oil prices that began in June 2014 was not anticipated,” said Qatar’s minister for development planning, Saleh al-Nabit.

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