MUSCAT: The total revenues collected by the state until the end of February 2022 amounted to about OMR 1.918 billion which is an increase of 75.6% compared to the same period last year.

The financial performance bulletin issued by the Ministry of Finance has indicated that this rise is due to the increase in the average achieved oil price to about $81 US per barrel.

Also, the increase in the average oil production and gas revenues amounting to about OMR 509 million, and the increase in current revenues by 29.6% compared to the same period in 2021. This has resulted in the collection of value-added tax revenues in addition to the collection of other fees.

Public spending until the end of February 2022 has been about OMR 1.707 billion which was driven by the rise in the repayment of loan interests, total investment expenditures (development and capital) for civil ministries, and expenses for transporting and purchasing gas.

The state’s general budget continued to achieve a financial surplus of about OMR 210 million compared to the financial deficit of OMR 457 million in the same period in 2021.

The government has begun to reduce the public debt of the state to reach OMR 19.46 billion by the end of April 2022 AD.