Wednesday, July 24, 2024

Revenues continue to rise, and a surplus will reduce the public debt

Date:

Omani – Athir

The state’s general revenue up to the end of April 2023 increased by 4 percent to around RO 4,392 billion, compared to RO 4,217 billion in the same period in 2022; This was mainly due to increase in net oil revenue and current revenue by 53 per cent and total general revenue by 27 per cent respectively.

A financial performance report released today by the Ministry of Finance showed that net oil revenue increased by 12 percent to reach about 2 billion and 308 million Omani riyals as of the end of last April, compared to collections of two billion and 59 million Omani riyals. Rials till the end of April 2022. Average oil prices rose to $84 per barrel, and average production increased to about one million and 64 thousand barrels per day.

Net gas revenue at the end of last April fell by 15 percent to reach 908 million Omani riyals, compared to one billion and 71 million Omani riyals collected by the end of April 2022; As a result of deducting gas purchase and transportation costs from the total revenue received from IGC.

Current revenue collected up to the end of April 2023 has increased by 8 percent to reach one billion and 172 million Omani Rials, which is the highest level in AD.

Public expenditure up to the end of last April was about 3 billion and 872 million Omani riyals, 123 million Omani riyals or 3 percent higher than the actual expenditure for the same period in 2022; As a result of the current high expenditure of civil ministries.

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Current expenditure up to the end of last April was two billion and 674 million Omani riyals, a decrease of about 269 million Omani riyals or 9 percent compared to the same period in 2022, which was two billion and 943 million Omani riyals. , the development expenditure of civil ministries was 183 million Omani Rials and the total development cash flow for 2023 was 900 million Omani Rials with an exchange rate of 20 percent.

Total contributions and other expenditure till the end of last April was 365 million Omani Rials, which is a 10 percent decrease from 405 million Omani Rials recorded in the same period in AD 2022, and subsidies for petroleum products were about 111 million Omani Rials. , while transferred to the provision for debt repayment is about 133. One million Omani Rials.

By the end of April 2023, the state’s general budget recorded a fiscal surplus of about 520 million Omani riyals, compared to a surplus of 468 million Omani riyals during the same period in 2022.

The Ministry of Finance confirmed that the government will continue to mobilize additional fiscal revenue to manage the debt portfolio, reduce public debt, improve social spending and stimulate economic growth.

Rolf Colon
Rolf Colon
"Creator. Award-winning problem solver. Music evangelist. Incurable introvert."

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