State’s Public Revenues Increased 12% by the end of February 2023

Muscat: The state’s public revenue by the end of February 2023 amounted to RO 2,148 million, up by 12% when compared to RO 1,918 million registered over the same period in 2022, according to the Fiscal Performance Monthly Bulletin Published by the Ministry of Finance.

This is mainly attributed to an increase in oil and gas revenues, representing 78% of total public revenue, and an increase of current revenue by 51%.

Net oil revenue at the end of February 2023 amounted to RO 1,153 million, up by 5% compared to RO 1,094 million achieved over the same period in 2022. This is driven by higher oil prices of 86 US Dollars per barrel, as well as an increase in oil production to 1,064,000 barrels per day. Furthermore, gas revenue increased to RO 521 million, up by 2% when compared to the same period in 2022.

Current revenue at the end of February 2023 increased by RO 160 million, amounting to RO 471 million compared to RO 311 million registered over the same period in 2022.

Public spending at the end of February 2023, amounted to RO 1,776 million, up by RO 68 million, i.e. 4% when compared to the same period in 2022. This is mainly due to an increase in current expenditure and contributions and other expenses by RO 108 million, while gas purchase and transport expenditure declined by RO 132 million as a result of transferring such expenditure to the Integrated Gas Company.

Development expenditure of ministries and government units amounted to RO 50 million, representing 6% of total development spending, i.e. RO 900 million, allocated for 2023.

Current expenditure of civil ministries at the end of February 2023 amounted to RO 643 million, up by RO 32 million, compared to RO 611 million registered over the same period in 2022.

Total contributions and other expenses at the end of February 2023 amounted to RO 133 million, up by 133%, compared to RO 57 million registered over the same period in 2022. Oil products subsidy and water sector subsidy amounted to RO 47 million and RO 17 million, respectively, by the end of February 2023. Additionally, an amount of RO 66 million was transferred to future debt obligations budget-item.

At the end of February 2023, the budget achieved a surplus of RO 372 million compared to a surplus of RO 210 million registered over the same period in 2022.

During the first quarter of 2023, the Government repaid RO 1.1 billion against public debt, reducing the total Government debt to RO 16.6 billion at the end of March 2023.

Moreover, the most significant results of the Medium Term Fiscal Plan 2021-2024 (MTFP) include reducing the fiscal breakeven oil price to 68 US Dollars per barrel, increasing non-hydrocarbon revenue, reducing public debt, improving Oman’s credit ratings, developing social protection system and restructuring pension funds, as well as other direct and indirect results. – ONA

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