Oman garners OMR210m surplus by end of February 2022

Muscat: Total revenues earned by the Sultanate of Oman till the end of February 2022 stood at about OMR 1.918 billion, up by 75.6 per cent over revenue standing in the corresponding period in 2021.

This was unveiled by the Financial Economic Bulletin (FEB) issued by the Ministry of Finance, which attributed the high surplus to a surge in oil price averaging USD 81 a barrel, as well as a hike in oil production as gas revenues touched OMR 509 million.

This is in addition to the fact that current revenues rose by 29.6 per cent by the end of February 2022 (over the corresponding period in 2021) due to the collection of revenues of the Value-Added Tax (VAT) and other fees, according to the FEB.

Public spending until the end of February 2022 registered about OMR 1.707 billion, and this was driven by a rise in the repayment of loan interests, total investment expenditures (development and capital) of civil ministries, and expenses of gas transport and procurement.

The state's budget continued to achieve financial surplus at the end of February 2022, amounting to about OMR 210 million, a far cry from OMR 457 million financial deficit in the corresponding period in 2021.

The government embarked on a public debt reduction programme targeting a OMR 19.46 billion mark by the end of April 2022.