Oman budget revenues down after 35% decline in net oil income

Oman budget revenues down after 35% decline in net oil income
Net oil income dropped 35 percent. (Shutterstock)
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Updated 05 April 2021

Oman budget revenues down after 35% decline in net oil income

Oman budget revenues down after 35% decline in net oil income
  • General spending fell 8.8 percent until the end of February 2021 compared to the same period of 2020

RIYADH: Oman’s general budget revenues fell in the first two months of 2021 as net oil income dropped 35 percent, Asharq Business reported, citing Ministry of Finance data.
General spending fell 8.8 percent until the end of February 2021 compared to the same period of 2020, despite an 8.1 percent increase in current revenues.
The Sultanate public spending retreated as some budget lines shrank according to the monthly bulletin issued by the Ministry of Finance.
The deficit amounted to about OR456.6 million ($1.2 billion), the official bulletin added.
The total revenues reached SR1.92 billion Omani by the end of February, down by about 21.6 percent on the year-earlier period.
The Omani budget recorded a decrease in gas revenues by 2 percent, according to the bulletin.