State's general budget records over 35 percent increase in revenues

Business Sunday 28/May/2023 20:02 PM
By: Times News Service
State's general budget records over 35 percent increase in revenues
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Muscat: The state's general budget achieved an increase in revenues by more than 35 percent by the end of 2022, Oman News Agency (ONA) said.

A statement issued online by ONA said that the state's general budget achieved, by the end of 2022, an increase in actual revenues by 37 percent, recording OMR 14.473 billion, compared to estimated revenues.

The actual public expenditure of the state by the end of 2022 records an increase of 10 percent, to reach about 13 billion and 329 million Omani Riyals; As a result of the increase in subsidy expenditures for petroleum products, and additional appropriations to cover the inevitable and necessary expenditures of some government agencies.

The state's general budget at the end of last year achieved a financial surplus of about one billion and 144 million Omani Riyals, compared to the estimated deficit in the approved budget of about one billion and 550 million Omani Riyals.

The government directs additional financial revenues to accelerate the pace of stimulating economic growth, increase government support for fuel and basic commodities, reduce public debt, and manage the lending portfolio.

The total actual expenditures for development projects for ministries and civil government units amounted to one billion and 306 million Omani Riyals, up by 406 million Omani Riyals compared to the allocations approved in the budget.