Muscat – The Sultanate of Oman has effectively utilized its additional revenue for 2024 to prioritize social spending and reduce public debt, according to preliminary results released by the Ministry of Finance.

A total of RO 468 million was allocated towards social and economic initiatives aimed at improving living standards and stimulating growth. The key allocations include:

• RO 176 million for subsidizing oil products to alleviate costs for citizens.

• RO 125 million for subsidies in electricity, water, sewage, and waste management sectors.

• RO 50 million was directed to the Ministry of Social Development to enhance social security support for insolvent and low-income households.

• RO 111 million for boosting the health and education sectors, ensuring the expansion of essential community services.

• RO 6 million for exempting 532 loans provided to small and medium enterprises (SMEs) by the Oman Development Bank and the SMEs Development Authority until October 2024.

Public Debt Reduction Efforts

In a bid to strengthen fiscal sustainability, Oman achieved significant progress in managing its public debt. Highlights of the public debt reduction include:

• Total public debt declined by 5.3 percent, dropping from RO 15.2 billion in early 2024 to RO 14.4 billion by the end of the year.

• Public debt-to-GDP ratio fell from 36.5 percent to 34 percent, reflecting improved economic performance.

• Public debt servicing costs decreased by 10.4 percent, from an estimated RO 1,050 million in the 2024 budget to RO 940 million in preliminary results.

The Ministry of Finance emphasized that these measures align with Oman Vision 2040, ensuring the Sultanate remains on track to achieve sustainable economic growth while maintaining financial stability. The focus on social spending and SME support underlines the government’s commitment to fostering inclusive development.

2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).