MUSCAT: In what could be a boost to the economy, Oman’s revenues climbed 13.9 per cent to OMR 6.331 billion during the first eight months of this year ending August 2021.

Last year, during the corresponding period, Ministry of Finance reported OMR 5.554 billion. Interestingly, the budget deficit also dropped significantly by 46.3 per cent to OMR 1.052 billion this year, down from OMR 1.957 billion for Jan-August 2020. However, the total expenditure grew by 1.7 per cent to OMR 7.382 billion this year.

Meanwhile, S&P Global Ratings said it had revised its outlook on Oman to positive from stable due to higher oil prices and fiscal reform plans. The ratings agency affirmed Oman’s ‘B+/B’ long- and short-term foreign and local currency sovereign credit ratings.

“Economic and fiscal pressures on Oman are easing, as the effects of the sharp drop in oil prices in 2020 and the COVID-19 pandemic abate,” S&P said in a statement.