Muscat – This increase surpasses the approved budget estimate of RO 10.050 billion, driven by heightened oil and non-oil revenues.

Actual public spending by the end of 2023 saw a slight increase of 2 percent, totaling around RO 11.606 billion compared to the approved spending volume of RO 11.350 billion. This growth in expenditure is attributed to increased social spending, support for economic activity, subsidies for petroleum products, and heightened spending on development projects.

In 2023, the Ministry of Finance disbursed over RO 1.4 billion in outstanding dues to the private sector through the financial system. The government allocated additional financial revenues of RO 936 million towards enhancing social spending, stimulating economic growth, reducing public debt, and managing financial obligations. These measures have contributed to improved financial and economic indicators, a better credit rating, and a stronger financial position for the Sultanate.

By the end of 2023, Oman’s total public debt had decreased to approximately RO 15.3 billion, a reduction of about RO 2.3 billion compared to 2022. This reduction is a result of the Ministry of Finance’s effective management of government obligations and repayment of part of the loans.