Oman: Non-Oil Revenues Expected to Rise by 25 Percent

Oman: Non-Oil Revenues Expected to Rise by 25 Percent

This would lead to an increase in non-oil revenues, which would be reflected in reducing the budget deficit and lowering dependence on oil, he added.

According to a Finance Ministry budget statement, the expected deficit for the current year was 2.24 billion rials, down from 4.2 billion rials in 2020.

Al-Busaidi said this year's ministry-estimated borrowing plan of around 1.6 billion rials represented 73 percent of the total predicted deficit and included domestic and international borrowing.

HIGHLIGHTS

“¢ According to a Finance Ministry budget statement, the expected deficit for the current year was 2.24 billion rials, down from 4.2 billion rials in 2020.

“¢ He points out that Oman is working to pay the debts within deadlines without rescheduling and that a new debt repayment provision would set a financial reserve to pay future debts.

“¢ The ministry has started the transfer of 150 million rials for the current year, and will double it for next year, reaching up to 600 million rials by 2025, and seeking to pay all the sultanate's dues.

 

He pointed out that Oman was working to pay the debts within deadlines without rescheduling and that a new debt repayment provision would set a financial reserve to pay future debts.

The ministry has started