Estimated revenues at RO 11 billion

Estimated revenues at RO 11 billion

MUSCAT: His Majesty Sultan Haitham bin Tarik on Monday issued Royal Decree No 1/2024 on the ratification of the State’s General Budget for the Fiscal Year 2024, after the same was presented before the Council of Oman.Article (1) ratifies the State’s General Budget for Fiscal Year 2024 according to the tables attached to this Decree. Article (2) instructs all units of the State’s Administrative Apparatus and other public legal entities to implement the provisions of this Decree, each within the scope of its prerogatives.Article (3) says that this Decree shall be published in the Official Gazette and enforced from January 1, 2024.TOTAL REVENUESThe Ministry of Finance announced that the total estimated revenues of the state’s general budget for the fiscal year 2024, which were calculated on the basis of the average oil price of ($60) per barrel, stood at about RO 11.010 billion, constituting an increase of 9.5 per cent over the estimated revenues for the year 2023.This was stated during the media briefing held by the Ministry of Finance on Monday. The total public spending for the state’s general budget for 2024 was estimated at approximately RO 11.650 billion, constituting an increase of 2.6 per cent over the