Sunday 01 / October / 2023
Muscat: Oman recorded a state budget surplus of OMR1.12 billion at the end of September 2022 compared to a deficit of OMR1.03 billion during the same period in 2021, the finance ministry said on Monday.
“Oman’s public revenue stood at OMR10.56 billion at the end of September 2022, up by 43.4 percent compared to OMR7.36 billion during the same period in 2021,” according to the Fiscal Performance Monthly Bulletin published by the Ministry of Finance.
“This was mainly due to an increase in oil prices and production,” the statement added.
At the end of September 2022, hydrocarbon revenues increased to OMR8.10 billion, higher by 51.9 percent compared to OMR5.33 billion registered during the same period in 2021. The increase was supported by higher average oil price of $94 per barrel, as well as an increase in oil crude production.
Current revenue increased by 22.3 percent to OMR2.45 billion at the end of September 2022 compared to OMR2.01 billion during the same period in 2021.
The Ministry of Finance data reveals that public spending increased by 12.5 percent to OMR9.44 billion at the end of September 2022, higher by OMR1.04 billion compared to the same period in 2021.
The development expenditure of ministries and civil units amounted to OMR657 million, representing 60 percent of total development spending.
Meanwhile, current expenditure at the end of September 2022 increased by 10.1 percent at OMR7.07 billion compared to the figures registered over the same period in 2021.
Total contributions and other expenses increased to OMR1.43 billion in 2022 compared to OMR578 million registered over the same period in 2021. At the end of September 2022, oil products and food commodity subsidies amounted to OMR563 million and OMR18 million, respectively.
Additionally, an amount of OMR150 million was allocated for future debt obligations budget-item.
At the end of the third quarter of 2022, the Ministry of Finance paid the private sector an amount of OMR827 million. This reflects the payment vouchers received through the e-financial system, and which have completed the documentary cycle.
Moreover, the bulletin indicated that the National Assets Register is an integrated central system that takes full account of government assets and helps draft a strategy to ensure a centralised management of the assets, as well as to maximise their efficiency and returns.
This can be achieved through the optimal use of such assets in a way that generates more financial resources for the State budget.
The first phase of the National Assets Register’s tasks includes counting and listing of government assets of the Ministry of Finance, Ministry of Health and Muscat Municipality. The next phase includes launching the electronic system of the National Assets Register.
