Oman budget revenues down after 35% decline in net oil income

SourceArab News

RIYADH: Oman's general budget revenues fell in the first two months of 2021 as net oil income dropped 35 percent, Asharq Business reported, citing Ministry of Finance data. General spending fell 8. 8 percent until the end of February 2021 compared to the same period of 2020, despite an 8. 1 percent increase in current revenues.

The Sultanate public spending retreated as some budget lines shrank according to the monthly bulletin issued by the Ministry of Finance. The deficit amounted to about OR456. 6 million ($1. 2 billion), the official bulletin added. The total revenues reached SR1. 92 billion Omani by the end of February, down by about 21. 6 percent on the year-earlier period. The Omani budget recorded a decrease in gas revenues by 2 percent, according to the bulletin. RIYADH: Saudi Arabia has come a long way in diversifying its economy and forging partnership with the private sector, Ferid BelHajj, World Bank group vice president for more...