Oman’s public revenues have slightly decreased to RO7.154bn by July this year, a drop of RO29mn compared to the same period in 2023. The Ministry of Finance has attributed this decline to a decrease in gas and current revenues.
Despite the overall dip, Oman’s net oil income has seen a positive trend with a 9% increase to RO4.038bn. On the other hand, gas revenues experienced a significant 18% decrease, mainly due to changes in the revenue collection methodology.
Public spending, however, rose by 4% to RO6.754bn, driven by higher development spending and contributions to various budget items. Ministries’ current expenditure slightly decreased while development expenditure for ministries and government units increased to RO653mn.
Overall, total contributions and other expenses witnessed a sharp rise to RO1.243bn, with subsidies for social protection, electricity sector, and oil products amounting to significant figures.
Despite the challenges, Oman continues to navigate its fiscal landscape with resilience and adaptability, reflecting a balanced approach towards financial management.
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