State General Budget posts surplus of RO 145m as of Jan-end 2023
Published: 02:03 PM,Mar 13,2023 | EDITED : 05:03 PM,Mar 13,2023
MUSCAT: The state general budget recorded, at the end of January 2023, a financial surplus amounting to about RO 145 million, compared to the same period in 2022, which recorded a surplus of about RO 18 million.
The financial performance bulletin issued by the Ministry of Finance indicated that the state’s general revenues increased by 22 per cent until the end of last January, recording about RO 982 million, compared to RO 804 million in the same period in 2022, mainly due to the increase in oil and gas revenues, which accounted for about 88 per cent of public revenues.
The bulletin indicated that net oil revenues increased by the end of January 2023 by 9 per cent to about RO 602 million, up from RO 554 million until the end of January 2022. The average production amounted to about 1,063 thousand barrels per day, and gas revenues increased by about RO 39 million, or by 18 per cent, compared to the same period in 2022.
Current revenues until the end of last January increased by about RO 91 million to reach RO 122 million, compared to earnings of RO 31 million in the same period in 2022.
Public expenditure until the end of January 2023 amounted to RO 837 million, recording an increase of RO 51 million, which was up 7 per cent over the corresponding period of 2022.
Current expenditures of the civil ministries recorded about RO 299 million, compared to RO 296 million in January 2022.
The total contributions and other expenses amounted to RO 37 million, an increase of 19.3 per cent, compared to RO 31 million in the same period in 2022. Subsidies for petroleum products amounted to about RO 4 million, while an allocation of RO 33 million was made towards debt payment.
During January 2023, the government paid government loans amounting to about RO 511 million, including the payment of outstanding international bonds worth RO 480 million, which contributed to reducing the total public debt to about RO 17.2 billion by the end of last January.
The International Monetary Fund has indicated that the real GDP growth of the Sultanate of Oman will reach about 4.1 per cent in 2023 and 1.9 per cent in 2024, while the current account balance will achieve positive growth during the year 2023 by 2.7 percent.
The Ministry of Finance, through the use of the automated public debt management system, works to enhance the effective management of public debt. This is done by recording debt portfolios, preparing reports and analysing them, providing possible tools for organizing and tracking debts, prioritizing payments, and developing a plan to repay debts in a timely and effective manner. — ONA
The financial performance bulletin issued by the Ministry of Finance indicated that the state’s general revenues increased by 22 per cent until the end of last January, recording about RO 982 million, compared to RO 804 million in the same period in 2022, mainly due to the increase in oil and gas revenues, which accounted for about 88 per cent of public revenues.
The bulletin indicated that net oil revenues increased by the end of January 2023 by 9 per cent to about RO 602 million, up from RO 554 million until the end of January 2022. The average production amounted to about 1,063 thousand barrels per day, and gas revenues increased by about RO 39 million, or by 18 per cent, compared to the same period in 2022.
Current revenues until the end of last January increased by about RO 91 million to reach RO 122 million, compared to earnings of RO 31 million in the same period in 2022.
Public expenditure until the end of January 2023 amounted to RO 837 million, recording an increase of RO 51 million, which was up 7 per cent over the corresponding period of 2022.
Current expenditures of the civil ministries recorded about RO 299 million, compared to RO 296 million in January 2022.
The total contributions and other expenses amounted to RO 37 million, an increase of 19.3 per cent, compared to RO 31 million in the same period in 2022. Subsidies for petroleum products amounted to about RO 4 million, while an allocation of RO 33 million was made towards debt payment.
During January 2023, the government paid government loans amounting to about RO 511 million, including the payment of outstanding international bonds worth RO 480 million, which contributed to reducing the total public debt to about RO 17.2 billion by the end of last January.
The International Monetary Fund has indicated that the real GDP growth of the Sultanate of Oman will reach about 4.1 per cent in 2023 and 1.9 per cent in 2024, while the current account balance will achieve positive growth during the year 2023 by 2.7 percent.
The Ministry of Finance, through the use of the automated public debt management system, works to enhance the effective management of public debt. This is done by recording debt portfolios, preparing reports and analysing them, providing possible tools for organizing and tracking debts, prioritizing payments, and developing a plan to repay debts in a timely and effective manner. — ONA