Oman’s public revenues estimated at OMR11.65 billion

Oman’s public revenues estimated at OMR11.65 billion

Average oil price has been projected at $55 per barrel in State Budget 2023.

Muscat: The Ministry of Finance has revealed that initial total public revenues for State Budget 2023 are estimated to be about OMR11.65 billion, up by 10 per cent over the approved budget of the year 2022. The rise was due to an expected increase in the average rate of oil production to 1.175 million barrels per day, averaging $55 per barrel.

During the first media meeting on the budget, the Finance Ministry said that total public spending was estimated at OMR12.95 billion, up by 7 percent over the approved spending in the 2022 budget.

It is estimated that Budget 2023 will have a deficit of OMR1.3 billion, constituting 11 percent of total revenues and 3 percent of the gross domestic product (GDP).

Sultan Salim Al Habsi, Minister of Finance said that global economic and geopolitical developments were taken into consideration when drafting the general state Budget 2023.

He pointed out that Oman utilised the gains from excess in oil prices to cut down the public debt. As a result, the public debt was slashed from 70 percent in 2020 to 43 percent in 2022, he explained.

The government will begin implementing a