MUSCAT: Oman’s Ministry of Finance paid dues of OMR 504 million to the private sector during the first half of 2022 through the fiscal system.
In a report issued on Sunday, the Ministry said the government benefited from the additional revenues during 2022 by accelerating economic recovery through increasing development expenditure to OMR 1.100 billion compared to previous figures, up by OMR 200 million to be allocated for priority projects and economic and social impact. As of the end of June 2022, development expenditure amounted to OMR 413 million, increasing by 38.1% compared to OMR 299 million reported over the same period in 2021.
OMR 650 million were allocated for implementing additional development projects to be added to the projects list of the 10th Five-Year Development Plan (2021-2025). Such projects would be implemented across various health, education, housing, transport, tourism and municipal sectors.
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In light of the current global geopolitical situations, which led to a rise in oil prices and price of basic food commodities, the Government revised the subsidies to mitigate the implications.
By the end of the first half of 2022, government subsidy amounted to RO 314 million allocated for oil products subsidy (fuel prices were fixed in November 2021) and RO 11 million allocated for basic food subsidy.
