Oman's public debt to shrink as govt reports spike in revenues

Muscat: The Sultanate’s public debt will decrease by the end of this month of July to reach 18.6 billion Omani riyals, compared to the end of 2021, which amounts to about 20.8 billion Omani riyals.

The state’s public revenues increased by 49.9 percent by the end of May 2022, to reach about 5 billion and 325 million Omani riyals, compared to the same period in 2021.

Total public spending rose by 5.7 percent at the end of May to reach 4 billion and 694 million riyals, due to the rise in current development expenditures, and subsidizing basic food commodities by about 11 million riyals.

The state’s general budget achieved a financial surplus by the end of May 2022, amounting to about 631 million Omani riyals, compared to recording a financial deficit of 890 million Omani riyals in the same period in 2021.