MUSCAT: The Sultanate of Oman’s revenues would see massive boom in the second of 2022, a report by credit rating agency Fitch revealed.
“The revenue numbers were in line with our expectations, and we believe that revenues will rise further in the second half of 2022, as a result of higher energy prices,” Forbes Middle East magazine quoted Fitch Solutions in a new report.
“The expenditure growth will remain moderate due to the authorities’ commitment to fiscal consolidation. Government debt data also came in line with our view, as we expect it to decline further to 17.5 billion Omani riyals ($45.4 billion) towards the end of the year, bringing the Omani debt-to-GDP ratio to 47.5% in 2022, down from 67.3% in 2021,” the report stated.
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The Fitch report also expects that Oman’s oil and gas revenues will continue to grow in the second half of 2022, which will increase the country’s financial surpluses, as the average price of Omani oil was $87 per barrel in the first half of 2022, which is lower than the average oil price.
The report indicated that the increase in the average price of Omani oil in the coming months will lead to further growth in oil and gas revenues in the second half of 2022, supporting the expected total revenue growth of 41.3% in 2022.
