Over RO 10 billion Estimated Revenues of Oman’s State Budget 2022


Muscat (ONA): Estimated total revenues for the State General Budget 2022 stood at RO 10 billion and 580 million, based on the price of oil as $50 a barrel, which is 6% higher than estimated revenues for 2021

Oil and gas revenues in Budget 2022 have been estimated at RO 7.24 billion, constituting 68% of total revenues. Non-oil revenues have been estimated at RO 3.34 billion, comprising 32% of the total.

Total Public spending is set at RO 12.13 billion, 2% higher than public spending estimated for 2021, and this includes the cost of public debt service, which stands as RO 1.3 billion.

Deficit for the 2022 Budget is estimated to be RO 1.5 billion, constituting 15% of the total revenues and 5% of the Gross Domestic Product (GDP), which falls within the range of deficit estimated in the Medium Term Fiscal Plan (MTFP).

Part of the deficit will be financed from external and internal borrowing, while the rest of the deficit, estimated to be RO 400 million, will be funded through withdraws from the State’s reserves.

Sultan Salim Al Habsi, Minister of Finance, said that preliminary data point to the fact that the State Budget 2022 tends to register the lowest deficit since 2014, despite the fluctuation in oil prices over the past period.

The accomplishment, the minister explained, is attributed to the government’s resolve to stick to the MTFP, both at the level of revenues and spending, with the overall aim of meeting the main objective and increasing the confidence of lenders and credit rating agencies.

Al Habsi added that Budget 2022 was drafted in a manner that confirms with the targets and pillars of the 10th Five Year Plan (2021-2025), the first leg in Oman Vision 2040, the country’s long-term strategy to achieve fiscal sustainability and motivate economic diversification sectors.

The minister affirmed that the most significant objective in drafting public spending estimates was to maintain spending on basic services like education, health, housing and social welfare. This is in addition to maintaining procedures and instruments aimed to improving the business climate and expanding partnerships projects undertaken with the private sector, he added.

Al Habsi pointed out that, in case oil prices go up beyond the price endorsed in the budget, priority will be given to using the surplus to cut down the deficit and repay the installments of loans.

Terms of Use:

  • This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.
  • All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.
  • All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.
  • The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.
  • Privacy Policy:
    This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.
  • Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.