Oman’s revenues surge by 75 percent

Oman’s revenues surge by 75 percent

The Ministry of Finance has attributed this increase in revenues to a surge in crude oil prices. Muscat: Oman's total revenues surged ahead by 75. 6 per cent to around OMR1. 918 billion at the end of February 2022 over the revenue collected in the corresponding period in 2021. This was unveiled by the Financial Economic Bulletin (FEB) issued by the Ministry of Finance, which attributed the high surplus to a surge in oil price averaging $81 a barrel, and also increased oil production even as the gas revenues touched OMR509 million. Higher collections from Value-Added Tax (VAT) and other fees contributed to raise the revenues by 29. 6 per cent at the end of February 2022 over the corresponding period in 2021, according to the FEB. Public spending at the end of February 2022 was around OMR1. 707 billion and this was driven by a rise in the repayment of loan interests, total investment expenditures (development and capital) of civil ministries and expenses on gas transport and procurement. The state's budget continued to achieve financial surplus at the end of February 2022, amounting to around OMR210 million, a whopping rise from the OMR457-million financial deficit in the corresponding period