Oman sees 7% decrease in public revenues

PHOTO

Muscat –The Ministry of Finance (MoF) released the fiscal performance of Oman’s State General Budget.

According to the financial indicators, the state's public revenues stood at approximately RO 5.075 billion as of the end of May 2024, marking a 7 per cent decrease compared to the same period in 2023.

Meanwhile, public spending amounted to RO 4.724 billion as of May 2024, reporting a decrease of RO 158 million, or 3 percent, from the actual expenditure during the same period in 2023.

According to MoF, the total subsidized social protection system, oil products, and various sectors amounted to RO400 million by the end of May 2024. The government allocated RO 166 million for debt repayment.

As the state’s budget saw a decline in revenues and spending, this highlights the government's ongoing efforts to manage its financial resources effectively amidst changing economic conditions.