30/03/2009 00:00 AST

Qatar is likely to post a slight deficit in the 2009-2010 fiscal year and will base its annual budget on an oil price of $40 a barrel, an official said.

"We expect a slight deficit, one that is acceptable in light of the current economic crisis," Mohammed Ajaj Al-Kubaisi, rapporteur of the financial and economic committee of Qatars Advisory Council told Reuters.

Opec member Qatars fiscal year begins on April 1.

The budget still requires the approval of Qatars Emir before it takes affect, Al-Kubaisi said.

Qatar, the worlds biggest exporter of liquefied natural gas, based its budget that ends March 31 on an oil price of $55 a barrel.


Reuters

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