Oman targets higher budget revenue of OMR11.01bn in 2024

Oman targets higher budget revenue of OMR11.01bn in 2024

Muscat: The total estimated revenues of the state’s general budget for the fiscal year 2024 is estimated to be OMR11.010 billion, constituting an increase of 9.5 percent compared to the estimated revenues for 2023, the Ministry of Finance announced on Monday.

The estimated revenues for Oman’s 2024 budget are calculated based on an assumed oil price of $60 per barrel, this was stated during the media briefing held by the Ministry of Finance.

The total public spending for the state’s general budget for 2024 was estimated at OMR11.650 billion, constituting an increase of 2.6 percent over the estimated public spending for 2023. The total public expenditure includes debt servicing cost, which stands at about OMR1.050 billion.

The budget deficit was estimated at approximately OMR640 million, representing 6 percent of total revenues and 1.5 percent of the gross domestic product (GDP).

Sultan Salim Al Habsi, Minister of Finance, explained that the state’s general budget for the fiscal year 2024 takes into account the balance between a set of determinants and priorities while continuing to pay the public debt and reducing it as much as possible.

He added that the 2024 state budget aims to improve the business environment and expand the participation of the private sector