Oman’s budget achieved a surplus of RO1.123bn by the end of September 2022 when compared with a deficit of RO1.030bn over the same period in 2021, according to the Fiscal Performance Monthly Bulletin published by the Ministry of Finance.

Oman’s public revenues stood at RO10.567bn by the end of September 2022, up by 43.4 per cent compared with RO7.368bn registered over the same period in 2021. This is mainly due to an increase in oil prices and ramped-up production.

By the end of September 2022, hydrocarbon revenues increased to RO8.102bn, up by 51.9 per cent compared to RO5.331bn registered over the same period in 2021. This increase is supported by a higher average oil price of US$94 per barrel, as well as an increase in oil crude production to 1,056,000 barrels per day.

Current revenue increased by 22.3 per cent to stand at RO2.45bn by the end of September 2022 compared to RO2.004bn over the same period in 2021.

Meanwhile, public spending increased by 12.5 per cent to RO9.444bn by the end of September 2022, which is up by RO1.046bn when compared to the same period in 2021.

The development expenditure of ministries and civil units amounted to RO657mn, representing 60 per cent of total development spending, i.e. RO1.100bn, allocated for 2022.

Meanwhile, current expenditure until the end of September 2022 increased by 10.1 per cent to stand at RO7.070bn when compared to the figures registered over the same period in 2021.

Total contributions and other expenses increased to RO1.434bn compared to RO578mn registered over the same period in 2021. By the end of September 2022, oil products and food commodities subsidies amounted to RO563mn and RO18mn, respectively.

Additionally, an amount of RO150mn was allocated for the future debt obligations budget item.

At the end of the third quarter of 2022, the Ministry of Finance paid the private sector an amount of RO827mn. This reflects the payment vouchers received through the e-financial system, and which have completed the documentary cycle.

The bulletin also indicated that the National Assets Register is an integrated central system that takes full account of government assets and helps to draft a strategy to ensure centralised management of the assets, as well as to maximise their efficiency and returns.

This can be achieved through the optimal use of such assets in a way that generates more financial resources for the State budget.

The first phase of the National Assets Register’s tasks includes counting and listing of government assets of the Ministry of Finance, Ministry of Health and Muscat Municipality.

The next phase includes launching the electronic system of the National Assets Register.