The Sultanate of Oman’s budget reached a financial surplus of 357 million riyals in the first quarter of 2022, compared to a deficit of 751 million riyals in the same period last year.
The Oman Ministry of Finance said the surplus will be used to stimulate economic recovery, increase spending on priority development projects, reduce debt levels and manage risks.
The ministry indicated that the Sultanate’s general revenue increased by 66.3% in the first quarter of 3.025 billion riyals, compared to 1.819 billion riyals in the same period last year.
This increase is mainly due to the increase in net oil revenues at the end of the first quarter of 2022 by 70.2% to reach 1.565 billion riyals.
The average price of oil in the first quarter of budget of the Sultanate was about 78 dollars a barrel, with a production media of 1,025 million barrels per day.
Gas revenues increased by approximately 454 million Omani riyals, or 124.4%, in the first quarter compared to the same period of 2021, due to the increase in gas prices and the increase in production.
Current revenues increased 23.7% in the first quarter of quest’year, compared to the same period of 2021, following the beginning of the collection of the value added tax revenue of approximately 69 million riyals and excise duties of approximately 24 million riyals, in as well as improving public revenue procurement processes.
Total public spending in the first quarter of 2022 was approximately 2.668 billion riyals, an increase of 3.8% over the same period of the previous year.
Read More About: Business News