State’s General Budget reports 25% surge in public revenues

The actual performance of the State’s General Budget for the year 2023 reports a 25% rise in public revenues, reaching approximately RO 12.542 billion compared to the approved budget estimates of RO10.050 billion. This increase is triggered by the rise in both oil and non-oil revenues.

The actual public spending saw a slight increase of 2% as of the end of 2023, reaching approximately RO 11.606 billion compared to the projected spending of RO11.35 billion. This increase is attributed to higher spending for social and economic aspects, including increased expenditures on oil product subsidies and developmental projects.

The Ministry of Finance repaid over RO 1.4 billion in dues owed to the private sector.

The government utilized an additional financial revenue of RO 936 million during the past year towards enhancing social spending, stimulating economic growth, reducing public debt, and managing financial commitments, which have contributed to the improvement of financial and economic indicators, credit ratings, and the financial position of the Sultanate of Oman.

The total public debt stood at approximately RO15.3 billion as of the end of 2023, a decrease of around RO 2.3 billion compared to 2022.