Muscat: The state’s general budget posted a surplus of OMR1.019 billion by the end of July 2022 compared to a deficit during the same period in 2021.

A bulletin on financial performance issued by the Ministry of Finance reports an increase in the state’s public revenues by about OMR8.003 billion, comprising 53.5 percent by the end of July 2022 compared to the same period in 2021.

The bulletin also showed that the rise in revenues by the end of July 2022 is attributed to an increase in average oil prices to about USD89 per barrel, compared to USD54 per barrel in the same period in 2021.

The revenues rise is also a result of the increase in the average crude oil production to about 1,042,000 barrels per day compared to recording 954,000 barrels per day during the same period in 2021.

Total oil and gas revenues also rose to about OMR5.883 billion by the end of July 2022, compared to revenues of OMR3.574 billion during the same period in 2021.

The current revenues also rose by about OMR2.107 billion that include investment-yielded dividends collected by Oman Investment Authority (OIA) that hit about OMR584 million by the end of July 2022 compared to OMR1.615 billion during the same period in 2021.

The general spending also rose by 8.8 percent to about OMR6.984 billion by the end of July 2022 compared to the actual expenditure over the same period in 2021.

The increase in spending is attributed to the rise in development expenditures to about OMR479 million, compared to the disbursement of OMR375 million during the same period in 2021.

It is also attributed to the rise in current spending to about OMR5.430 billion compared to reporting OMR4.838 billion during the same period in 2021.

The total contributions and other expenditures also increased to about OMR1.020 billion compared to reporting OMR462 million over the same period in 2021.

The general debt stood at OMR18.4 billion by the end of August 2022, registering a decline by OMR2.4 billion compared to the same period in 2021.