Oman ratifies 2023 budget

Published: Updated:
Read Mode
100% Font Size
2 min read

Oman’s Sultan ratified a 2023 budget with a deficit of 1.3 billion Omani rials ($3.38 billion) or 3 percent of GDP, the finance ministry said on Sunday, adding that the 2022 budget achieved a surplus of 1.146 rials.

The 2023 budget sees revenues of 10.05 bln Omani rials, 5 percent lower than 2022, and expenditures of 11.35 bln rials, 6.4 percent lower the previous year.

For the latest headlines, follow our Google News channel online or via the app.

Higher oil prices boosted 2022 revenues to 14.234 billion rials, the finance ministry said. Last year’s budget had been based on a forecast price of $50 per barrel but the government now estimates the average price in 2022 to be $94.

The 2023 budget is based on a price of $55 per barrel.

Public spending in 2022 was 13.088 billion rials, the ministry said. The surplus allowed the government to reduce public debt from 20.8 billion rials in 2021 to 17.7 billion rials in 2022.

The International Monetary Fund (IMF) expects Oman to post fiscal and external surpluses over the medium term, due mainly to higher oil revenue, fiscal discipline and the introduction of value added tax.

Last month, S&P Global upgraded Oman’s credit rating to BB, from BB-, on improved fiscal performance and lower public debt.

Read more:

Oman sovereign fund plans to spend $5 billion on projects in 2023

Oman to export 2.35 mln tonnes of LNG to Japan starting in 2025: State news agency

Oman second-quarter GDP up 30 percent, state news agency reports

Top Content Trending