Oman posts budget surplus of $2.82bn by August

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Oman posts budget surplus of $2.82bn by August

Oct 13, 2022 7:47 AM

Oman has posted a budget surplus of RO1.090 billion ( 2.82 billion) by the end of August 2022 compared to a deficit of RO1.052 billion during the same period in 2021 a media report said. The state s public...

Oman has posted a budget surplus of RO1.090 billion ($2.82 billion) by the end of August 2022 compared to a deficit of RO1.052 billion during the same period in 2021, a media report said.

The state’s public revenues rose by 47.3 percent until the end of August 2022, registering about RO9.325 billion, compared to RO6.331 billion as at the end of August 2021, thanks to the rise in oil and current revenues, reported Oman News Agency (ONA), citing the financial performance bulletin issued by the Ministry of Finance.

Hydrocarbon revenues (oil and gas) soared by 53.7 percent, recording RO6.980 billion as at the end of August 2022, compared to the same period in 2021. This increase is driven by the increase in oil and gas prices and production rates.

Total current revenues stood at about RO2.331 billion, reporting a growth of 32 percent as at the end of August 2022 compared to RO584 million as revenues collected during the same period in 2021.

Total public spending stood at about RO8.235 billion, an increase of 11.5 percent over the actual spending during the same period in 2021.

The development expenditures of ministries and civil units stood at about RO566 million, comprising a rate of 51 percent of the total development liquidity (RO1.1 billion) allocated for 2022.

Current expenditures stood at about RO6.286 billion, constituting an increase of 11.7 percent as the end of August 2022 compared to the same period in 2021. This expenditure includes RO702 million as public debt service payments of interest on loans.

Total contributions and other expenditures rose to about RO1.150 billion, compared to RO523 million during the same period in 2021.

The subsidy of petroleum products stood at about RO498 million as at the end of August 2022, while subsidy of food commodities stood at about RO11 million in during the same period. The provision for debt repayment amounted to about RO134 million.