Saturday 20 / April / 2024
Muscat: The total public revenues of the state for the fiscal year 2022 are estimated at OMR 10.58 billion, an increase of six per cent over what is expected to be collected by the end of 2021, the Minister of Finance said.
His Excellency Sultan bin Salim Al Habsi, Minister of Finance said, "The total public revenues of the state for the fiscal year 2022 were estimated at OMR 10.58 billion, an increase of six per cent over what is expected to be collected by the end of 2021. Oil and gas revenues represent 68 per cent of total revenues, while non-oil revenues represent 32 per cent."
His Excellency also said that the estimated volume of public spending for the fiscal year 2022 is about OMR 12,1 billion, an increase of two per cent over what is expected to be spent by the end of this year, and this includes the cost of servicing the public debt amounting to about OMR 1.3 billion.
"The estimated deficit for 2022 based on the price of (50 US dollars) for oil will amount to about OMR1.5 billion , representing 15 per cent of total revenues and 5 percent of GDP, which is within the limits of the estimated deficit in the medium-term financial plan," the Minister of Finance added.
His Excellency the Minister of Finance:" The cost of repaying government loan installments next year is expected to reach about OMR 2.7 billion . With regard to the level of public debt, it is expected to constitute 75 percent to the GDP, which is less than what was expected by about 86 percent. "
His Excellency Abdullah bin Salim Al Harthy, Undersecretary of Finance said : "Estimated expenditures of civil ministries in the 2022 budget at OMR 4.3 million, of which OMR 3.2 million are salaries for state employees."
The Undersecretary of the Ministry pointed out that preliminary results expected until the end of 2021 indicate an increase in net oil revenues by 56 percent, an increase in gas revenues by 40 percent, and a decrease in non-oil revenues by 14 percent.
"It is hoped that the credit rating of the Sultanate of Oman will gradually improve over the coming years with the implementation of the tenth five-year plan and financial measures and policies aimed at controlling financial conditions and achieving financial sustainability," Abdullah Al Harthy said
His Excellency the Undersecretary of the Ministry added that during 2022, OMR 25 million will be disbursed to new government projects represented in building schools, electronic projects, the governorate development program, economic stimulus, and a number of strategic programs of the tenth five-year plan.
His Excellency the Minister of Economy also said that the Labour market in the Sultanate of Oman provides 27,000 job opportunities annually for job seekers, in addition to the replacement initiative by the Ministry of Labour.
