His Majesty Sultan Haitham bin Tarik issued a Royal Decree ratifying the State’s General Budget for Fiscal Year 2023.

The total approved revenues in the state’s general budget for the fiscal year 2023 is estimated at RO10.05bn, down 5 per cent from what was approved in the 2022 budget.

Preliminary estimates for the 2023 budget show that total public spending will be RO11.350bn. It estimates the 2023 budget deficit will amount to about RO1.3bn.

A statement issued by the Ministry of Finance said, ‘The state’s general budget for 2023 will be calculated at a price of US$55 per barrel of crude.’