Muscat – Oman’s general budget achieved a surplus of RO357mn during the first quarter of this year as compared to a deficit of RO751mn in the same period of 2021.
The surplus will be utilized to stimulate the economic recovery, increasing spending on priority development projects, and reducing the risks of public debt portfolio.
The monthly bulletin issued by the Ministry of Finance stated that Oman’s public revenues increased by 66.3 per cent year-on-year to RO3.025bn in the first quarter of 2022. This rise in revenues is mainly due to a more than 70 per cent increase in net oil revenues during the first quarter of 2022.
As oil prices remain higher, net oil revenues jumped to RO1.565bn in the first three monhts of 2022 against RO919mn in the corresponding period of 2021. The average price at which Oman sold its crude oil surged to US$78 per barrel in the first quarter of 2022.