State Budget records over RO 1 billion surplus

Muscat: The State General Budget has reported a surplus of RO1.23 billion by the end of September 2022.

The general budget at the end of September 2022 recorded a financial surplus of about RO1.123 billion, compared to a deficit of RO1.30 during the same period in 2021.

The financial performance bulletin issued by the Ministry of Finance (MOF) said that the state’s public revenues rose by 43.4 percent until the end of September 2022 to RO10. 567 billion, compared to RO7. 368 billion in the same period in 2021, mainly due to the rise in oil prices and production.

The bulletin showed an increase in oil revenues from oil and gas by 51.9 percent to RO8.102, compared to RO5. 331 billion until the end of September 2021.

The average price of crude was $94 during this period, while oil production increased by RO1, 56,000 barrels per day.

The current revenues amounted to RO2, 450,000, an increase of 22.3 percent compared to the revenues collected until the end of September 2021, which amounted to RO2, 4,000.

Public spending until the end of last September amounted to RO9.4, an increase of RO1. 46 billion, or 12.5 percent over the actual spending for the same period in 2021.

The bulletin indicated that the development expenditures of ministries and civil units amounted to about RO657 million, with an exchange rate of 60 percent of the total development liquidity allocated for 2022 amounting to RO1.100, while current expenses amounted to about RO7.70 billion, an increase of 10.1 percent compared to In the same period in 2021.

The total contributions and other expenditures rose to RO1. 434 million, compared to RO578 million in the same period in 2021. The transfer to the provision for debt repayment is about RO150 million.

The Ministry of Finance confirmed that it had paid by the end of the third quarter of this year more than RO827 million, dues paid to the private sector, received through the financial system, and completed the documentary cycle.

With regard to the project of the National Register of Government Assets, the Financial Performance Bulletin indicated that the study, planning, policies, procedures, and organizational structure of the registry have been completed, and work is currently underway to inventory government assets represented in the first package of assets of the Ministry of Finance, the Ministry of Health and Muscat Municipality, and during the next stage, the launch of the electronic system of the register and the completion of the inventory of government assets.

The registry project is an integrated central system that works on inventorying government assets and helps prepare a strategy to ensure the centralization of asset management, raise its efficiency and maximize government benefits and returns by directing their optimal use and investment, thus contributing to providing the state’s general budget with additional financial resources.