Oman’s budget surplus saw a significant decrease in the first half of 2024, dropping to RO391mn from RO656mn compared to the same period last year. This decline was primarily due to a decrease in public revenues and a slight increase in spending, as per the Ministry of Finance’s Fiscal Performance Bulletin.
While net oil revenue slightly increased by 3%, net gas revenue dropped by 15% in the first half of 2024. Current revenue also fell, contributing to the overall decrease in total public revenues. On the other hand, total public spending increased by 2%, with current expenses for civil ministries showing a slight decrease.
The government allocated funds for development expenditure and subsidies, with payments made to the private sector amounting to over RO558mn. Additionally, the government managed to reduce public debt by repaying outstanding financial obligations in the second quarter of 2024.
Overall, despite the challenges in revenue and spending, Oman’s financial management strategies have shown positive results in maintaining fiscal stability and managing public debt effectively.
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