Oman sees 25% increase in revenue

Muscat: The state’s general budget has achieved an increase in actual revenue by more than 25 per cent to reach more than OMR 11 billion by the end of 2021, the Minister of Finance said .

According to Oman News Agency (ONA), the media meeting will review the performance of the final account of the state’s general budget for the year 2021. It is organised by the Ministry of Finance.

His Excellency Sultan bin Salim Al Habsi, Minister of Finance, said: "The state’s general budget by the end of 2021 achieves an increase in actual revenues by 26.9 per cent, registering OMR 11,195 million, compared to the approved budget by about OMR 8, 640 million."

"The state’s general budget by the end of 2021 records an increase in oil revenues by 52.1 per cent compared to the approved budget. The collected gas revenues amounted to OMR 2,629 million, achieving an increase of 40.6 per cent over the estimates of gas revenues in the approved budget by about OMR 1,870 million," His Excellency Abdullah bin Salim m Al Harthy, Undersecretary of the Ministry of Finance said.

The Undersecretary of the Ministry of Finance indicated that actual non-oil revenues by the end of 2021 decreased by 8.3 per cent compared to the approved budget estimates, as non-oil revenues represent 26.4 per cent of the total actual revenues achieved by the end of 2021.

"The total current revenues collected at the end of 2021 decreased by 4.2 per cent to reach OMR 2,874 million, compared to the approved budget by about OMR 3 billion. However, some items of current revenues achieved an increase compared to those approved in the budget, such as the income tax on companies and institutions, which increased by 11.5 per cent, and government investment profits by 4.1 per cent. "

"Actual public spending of the state by the end of 2021 rises by 14.1 to reach OMR 12,418 million, compared to the approved public spending estimates of OMR 10, 880 million," the Undersecretary added.

"Current expenditures increased by 4.2 per cent to reach OMR 9, 388 million, compared to the approved budget estimates of about OMR 9,012 million."

The Undersecretary of the Ministry confirmed that the total actual expenditures for development projects for civil ministries amounted to OMR 1,192 million, an increase of 32.4 per cent compared to the allocations approved in the budget by about OMR 900 million.

The Undersecretary of the Ministry of Finance said: "The actual deficit by the end of 2021 is OMR 1,223 million, recording a decrease of 45.4 per cent from the estimated deficit in the approved budget by about OMR 2,240 million as a result of the improvement in oil prices and the rise in oil revenues."

"The total public debt until the end of 2021 is OMR 20,774 million, an increase by OMR 956 million, or 4.82 per cent, as a result of the continuing gap between revenues and public spending."

"Preliminary financial results until the end of May 2022 indicate that the state's public financial revenues amounted to OMR 5, 325 million, while public expenditures amounted to OMR 4,694 million, to achieve a financial surplus of OMR 631 million," the Undersecretary of Finance added.