Muscat, The State’s general revenues as at the end of May 2022 registered 49.9% growth, compared to the corresponding period in 2021.

Collected revenues posted RO 5.325 billion as against RO 3.551 billion by May 2021.

The increase in revenues is due to a rise in oil prices by 82 US Dollars a barrel, as well as growth in oil production average to about 1,034 barrels per day and an increase in total oil and gas revenues to RO 3.924 billion and current revenues’ grew by RO 1.393 billion. These included the collection of profits from investments of Oman Investment Authority (RO 200 million as at the end of May 2022).

General spending grew to about 4.694 billion, registering a rise of 5.7%, compared to the actual spending for the corresponding period in 2021.

This rise was due to an increase in current spending (valued at RO 3.685 billion, comprising 11.8%), compared to the corresponding period in 2021, as well as an increase in developmental spending (RO 343 million, comprising 67.3%), compared to the corresponding period in 2021.

The total spending from the allocated development liquidity for 2022 stood at RO 1.1 billion (31%).

Total contributions and spending stood at about RO 516 million or 85.6%, compared to the corresponding period in 2021, due to the government’s support (subsidizing) petroleum products by about RO 219 million, the sectors of transport and staple foods by RO 30 million and RO 11 million, respectively, among other commodities.

The State’s General Finance registered a surplus of RO 631 million by the end of May 2022, as against a deficit of RO 890 million during the corresponding period in 2021. The surplus will be channeled to spending areas to boost the economy’s recovery, help support high-priority development projects and bring down the overall indebtedness.

Source: Oman News Agency