Thursday 30 / January / 2025
Muscat: The Ministry of Finance announced that it has paid more than OMR 325 million due for private sector in accordance with payment vouchers received through the e-financial system with a completed documentary cycle.
The Ministry’s Fiscal Performance Bulletin pointed out that public revenue at the end of the first quarter of 2023 amounted to OMR 3,217 million, up by 6 percent compared to OMR 3,025 million registered over the corresponding period in 2022. This is mainly attributed to an increase in oil revenue and current revenue, representing 53 percent and 25 percent, respectively, of the total public revenue.
Net oil revenue at the end of the first quarter of 2023 amounted to OMR 1,707 million, increasing by 9 percent when compared to OMR 1,565 million achieved over the same period in 2022. This is driven by higher oil prices of USD 85 per barrel, as well as an increase in oil production to 1,063,000 barrels per day.
Net gas revenue at the end of the first quarter of 2023 decreased by 12 percent to stand at OMR 720 million compared to OMR 819 million registered over the same period in 2022. The decline is a result of a deduction of gas purchase and transport expenses from the total revenue collected from the Integrated Gas Company.
Moreover, current revenue amounted to OMR 787 million at the end of the first quarter of 2023, going up by OMR 151 million when compared to OMR 636 million registered over the same period in 2022.
Public spending by the end of the first quarter of 2023 amounted to OMR 2,767 million, comprising a rise by OMR 99 million (4 percent) when compared to the same period in 2022. This is mainly due to an increase in current expenditure and contributions and other expenses.
Further, current expenditures of civil and government units at the end of the first quarter of 2023 amounted to OMR 1,033 million, comprising a rise by OMR 79 million compared to OMR 954 registered during the same period in 2022.
Development expenditure of civil and government units during the same period amounted to OMR 117 million, representing 13 percent of total development spending, i.e. OMR 900 million allocated for 2023.
A rise by 53 percent was recorded in total contributions and other expenses by the end of the first quarter of 2023, amounting to OMR 273 compared to OMR 179 million registered over the same period in 2022. Oil products subsidy amounted to OMR 78 million. Additionally, an amount of OMR 100 million was transferred to the budget item on future debt obligations.
Meanwhile, the State Budget registered a surplus of OMR 450 million at the end of the first quarter of 2023 compared to a surplus of OMR 357 million achieved over the same period in 2022.
