MUSCAT : Oman’s budget deficit increased to OMR 751 million by the end of March 2021 compared to OMR 26 million last year, Ministry of Finance said in its monthly performance bulletin.
The Ministry also reflected a decrease in the average oil price from $65.49 per barrel to $50 on an annual basis. The net oil revenues reached OMR 918.6 million, down by 34.2 per cent. “This is attributable to low oil price and economic implications triggered by COVID-19 pandemic,” Ministry of Finance said in the report.
Meanwhile, the public spending also dropped in the first quarter of 2021 by 2.73 per cent to reach OMR 2.57 billion due to cut in government spending including reducing the number of employees.
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