The State’s General Budget registered a surplus of RO656mn by the end of the first half of 2023, compared to a surplus of RO784mn achieved over the same period in 2022.

According to the Fiscal Performance Bulletin issued by the Ministry of Finance, public revenue of the State Budget at the end of the first half of 2023 amounted to RO6,342mn, down by 6 per cent compared to RO6,725mn registered over the same period in 2022.

At the end of the first half of 2023, net oil revenue amounted to RO3,257mn, up by 2 per cent when compared to RO3,187mn registered over the same period in 2022. The average oil prices amounted to US$83 per barrel while average oil production reached 1,061,000 barrels per day.

Net gas revenue at the end of the first half of 2023 amounted to RO1,115mn, comprising a decline of 36 per cent compared to RO1,729mn registered over the same period in 2022. This is due to the deduction of gas purchase and transport expenses from the total revenue collected from the Integrated Gas Company.

Current revenue amounted to RO1,962mn by the end of the first half of 2023, going up by 9 per cent compared to RO1,796mn collected over the same period in 2022.

Moreover, by the end of the first half of 2023, public spending amounted to RO5,686mn, constituting a drop of RO255mn, i.e. 4 per cent compared to actual spending over the same period in 2022.

At the end of the first half of 2023, current expenditure amounted to RO4,078mn, down by RO472mn, i.e. 10 per cent when compared to an amount of RO4,550mn registered over the same period in 2022.

Development expenditure of civil ministries and government units by the end of the first half of 2023 reached RO383mn, representing 43 per cent of total development spending, i.e. RO900mn, allocated for 2023.

By the end of the first half of 2023, total contributions and other expenses amounted to RO775mn, decreasing by 10 per cent when compared to an amount of RO863mn registered over the same period in 2022.

The oil product subsidy and transport sector subsidy amounted to RO155mn and RO54mn, respectively. Furthermore, an amount of RO200mn was transferred to the future debt obligations budget-item.

The Ministry of Finance by the end of the first half of 2023 repaid more than RO507mn to the private sector. This reflects the payment vouchers received through the e-financial system, which have completed the documentary cycle.

The Ministry of Finance also repaid more than RO1.5bn against public debt by the end of the first half of 2023, reducing the total public debt to RO16.3bn. By the end of the first half of 2023, the Ministry did not withdraw from reserves as planned, as a result of generating additional revenue.