Despite the illegal siege being more than a year old, Qatar has refused to bend to the pressure and has continued to go from strengths to strengths.

While international credits rating agency Moody’s recently upgraded Qatar’s banking sector from ‘negative’ to ‘stable,’ now the country’s budget has also gone into surplus.

Qatar’s Finance Minister HE Ali Sherif Al Emadi announced that the country’s upcoming general budget will see a surplus.

He also said that the government will continue with its capital spending, even as projects related to 2022 are nearing completion, according to Gulf Times.

Speaking during the International Products and Exhibition Conference (IPEC), he said the budget surplus expectations came amidst conservative assumed price for oil.

He said Qatar had achieved financial surplus during the first nine months of this year for the first time since 2016.

The previous year’s general budget, which follows the January-December format, had set the price of oil at $45 a barrel; even as the prices now exceed $80.

Powered by the trade surplus and improved balance of payment position, the government will expand on its developmental activities and continue implementing infrastructure projects in line with the Qatar National Vision 2030, reported The Peninsula.

He said that spending in general and especially in the health, education and infrastructure projects will see a rise. He hoped that revenues will also see a recovery in 2019.

Private sector’s contribution to Qatar’s economy has already exceeded official expectations and it is expected to continue, the minister said.

Al Emadi said Qatar was working on development of a legislation to stimulate investment. While Qatar has signed trade exchange agreements with more than 100 nations, pacts have also been made with more than 70 countries to prevent double taxation, according to Qatar Tribune.