High oil prices boost public revenues to RO 4.2 billion in January – April 2022

MUSCAT: State public revenue soared 52.3 per cent to reach RO 4.217 billion for the first four months of this year, up from RO 2.764 billion for the corresponding period of 2021, the Ministry of Finance announced in its latest monthly newsletter.

Public expenditure for the same period amounted to RO 3.749 billion this year, which was marginally higher than the corresponding tally of RO 3.597 billion for the first four months of 2021. That left a surplus of RO 468 million for the period under review, the Ministry noted.

It attributed to strong uptick in revenue to buoyant oil prices translating into earnings of RO 3.310 billion for the January – April period, compared with corresponding earnings of RO 1.796 billion in 2021, entailing an increase of 74.3 per cent.

Total development expenditures of ministries and civil units amounted to about RO 252 million, accounting for 23 per cent of the total development funds allocated for 2022 aggregating RO 1.1 billion.

Current expenditures of ministries and civil units amounted to about RO 1.278 million, which are the same levels as recorded during the same period in 2021.

The Ministry of Finance confirmed that the surplus achieved by the end of April 2022 will be directed to promote economic recovery by increasing spending on priority development projects and reducing the level of public indebtedness of the state.

— ONA