By Arab Desk
The ministry attributed the increase mainly to the increase in net oil revenue and current revenue of 53% and 27% of total government revenue, respectively.
The financial performance report card indicated an increase in net oil revenue until the end of last April of 12%, reaching about two billion and 308 million riyals, compared to the collection of two billion and 59 million riyals until at the end of April 2022. An increase in average production to around one million and 64 thousand barrels per day.
Net gas revenues until the end of last April decreased by 15% to reach 908 million riyals, against a collection of one billion and 71 million riyals at the end of April 2022; As a result of deducting gas purchase and transportation expenses from the total revenue received from IGC.
Current income received until the end of April 2023 increased by 8% to reach one billion and 172 million riyals, compared to one billion and 81 million riyals in the same period in 2022.
Public expenditure until the end of last April amounted to approximately 3 billion and 872 million Omani riyals, up 123 million riyals, or 3% more than actual expenditure for the same period in 2022; Due to the high current expenditure of civil ministries.
Current expenditure until the end of last April recorded two billion and 674 million riyals, down about 269 million riyals, or 9%, compared to the same period in 2022, which s amounted to two billion and 943 million riyals, while the development expenditure of the civil ministries amounted to 183 million riyals, with an exchange rate of 20%. The total development cash allocated for the year 2023 amounted to 900 million riyals.
Total contributions and other expenditures through the end of April stood at 365 million riyals, down 10% from the record of 405 million riyals during the same period in 2022. for petroleum products amounted to approximately 111 million riyals, while the transfer to the provision for the payment of the debt amounted to approximately 133 million riyals.
The general budget of the Sultanate of Oman recorded, at the end of April 2023, a financial surplus amounting to approximately 520 million riyals, compared to a surplus of 468 million Omani riyals at the same period in 2022.
Oman’s Ministry of Finance has confirmed that the government will continue to allocate additional financial revenue to managing the loan portfolio, reducing public debt, increasing social spending and boosting economic growth.
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Source: Oman’s revenue tops $11 billion in 4 months
Category: News, World, income, income growth, Oman, Oman Economy
