Oman’s total budgeted public spending to cross OMR12 billion in 2022

Oman’s total budgeted public spending to cross OMR12 billion in 2022

Muscat: Oman's total public spending under the 2022 budget is estimated to be about OMR12. 13 billion, an increase of two percent over the estimated budget for 2021. This includes the cost of servicing public debt, amounting to OMR1. 3 billion. The budget also estimates that oil prices will stay at about $50 a barrel, which will lead to an estimated revenue collection of OMR10. 58 billion, a six percent rise in revenue compared to 2021. Oil and gas revenues are to account for OMR7. 24 billion (68 percent of incoming revenues), with the remainder coming from non-oil sources of income. Oman plans to finance the estimated budget deficit (about OMR1. 5bn) by drawing about OMR400 million from the reserves, and financing the rest through external and internal borrowing. "Preliminary data indicate that the State's General Budget for 2021 is heading towards achieving the lowest annual deficit since 2014, despite the fluctuation in oil prices during previous periods, as a result of the efforts made by the government through its commitment to the Medium-term Financial Plan, in terms of revenue and expenditure set out to achieve its main objectives of increasing the confidence of lenders and credit rating institutions," Sultan