HM: Royal Decree Ratifies State’s General Budget 2024

By News Desk on January 1, 2024

Muscat: His Majesty Sultan Haitham bin Tarik on Monday issued a royal decree ratifying the state’s general budget for the fiscal year 2024.

The total estimated revenues for the 2024 budget, which were calculated based on the average oil price of US$60 per barrel, amount to about RO 11 billion, an increase of 9.5% over the estimated revenues for the year 2023.

Total public spending is estimated at about RO 11.650 billion, an increase of 2.6% over the estimated spending for 2023, and includes the cost of servicing the public debt amounting to about RO 1 billion.

The 2024 budget deficit is estimated at approximately RO 640 million, representing 6% of total revenues and 1.5% of the gross domestic product (GDP).

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