MUSCAT: Oman has projected 6 per cent growth in public revenue in the 2022 budget, Minister of Finance said on Sunday.
The Sultanate’s total public revenues for the fiscal year 2022 is estimated at OMR 10.58 billion, an increase of 6% over what is expected to be collected by the end of 2021.
Speaking to the media revealing the details of the 2022 State Budget, His Excellency Sultan bin Salim Al Habsi said the estimated volume of public spending for the fiscal year 2022 is about OMR 12.1 billion, an increase of 2% over what is expected to be spent by the end of this year, and “this includes the cost of servicing the public debt amounting to about OMR 1.3 billion.”
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“Based on the preliminary data indicate that the state’s general budget will record the lowest deficit since 2014 by the end of the year,” the Minister said.
“The estimated deficit for 2022, based on the price of $50 for oil, will amount to about OMR 1.5 billion representing 15 % of total revenues and 5 % of GDP, which is within the limits of the estimated deficit in Medium term financial plan.”
“Oil and gas revenues represent 68 percent of total revenues, while non-oil revenues represent 32 percent,” the Minister added.
