Public revenues in the Sultanate continued to show signs of growth by the end of April 2022, as a build-up of 52.3 per cent amounting to RO4.217bn was recorded by the Ministry of Finance.

This increase has been attributed to a rise in oil revenue, driven by a surge in oil prices and higher oil production. At the end of April 2022, oil revenue amounted to RO3.310bn, which was up by 74.3 per cent compared to RO1.796bn reported over the same period in 2021.

At the end of April 2022, public spending amounted to RO3.749bn, constituting an increase of RO152mn (4.2 per cent) compared to the same period in 2021.

The development expenditure of civil ministries and government units amounted to RO252mn, representing 23 per cent of total development expenditure of RO1.100bn allocated for 2022.

Moreover, the current expenditure of civil ministries and government units peaked at a total of RO1.278bn, remaining at the same level by the end of April 2021.

The Ministry of Finance also affirmed that the surplus recorded in the coffers will be utilised to strengthen economic recovery by increasing spending on priority development projects and reducing public debt.