Muscat: Propelled by a surge in oil and gas production rates and prices, the State’s general revenues soared 85.2% to RO 803.3 million by January 2022, compared to RO 433.7 million during the corresponding period in 2021.
Monthly financial accounts issued by the Ministry of Finance point to a 9.59% rise in the State’s general spending, which stood at RO 785.3 million in January 2022, compared to RO 716.6 million in January 2021, (of them RO 162.4 million as public debt service allocations).
The balance sheet affirms that the State’s general budget posted a surplus of about RO 18 million in January 2022, compared to a deficit of RO 282.9 million in January 2021. Accounts a part, the Ministry of Finance unveiled a public-private partnership (PPP) project to set up 42 schools in different parts of the Sultanate of Oman. The project is being undertaken in cooperation with the Ministry of Education to meet the rising demand for schools and to improve the quality of educational facilities. Meanwhile, preliminary readings of the National Center for Statistics and Information (NCSI) point to an expected 13.8% amelioration in Gross Domestic Product (GDP) at current prices to RO 32 billion by the end of December 2021, compared to the corresponding period in 2020.
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