Oman records RO784m budget surplus in H1

The Gulf Arab state’s oil revenues increased to RO3.187 billion by the end of first half



Public spending rose 8.6 per cent to RO5.94 billion year on year, the  Oman's Ministry of Finance said in a statement on Sunday. — File photo
Public spending rose 8.6 per cent to RO5.94 billion year on year, the Oman's Ministry of Finance said in a statement on Sunday. — File photo

By Reuters

Published: Sun 7 Aug 2022, 4:53 PM

Last updated: Sun 7 Aug 2022, 4:54 PM

The Omani government posted a budget surplus of RO784 million ($2.04 billion) at the end of the first half of 2022, Oman’s state news agency reported on Sunday.

The Gulf Arab state’s oil revenues increased to RO3.187 billion by the end of first half, the report added.

Public spending rose 8.6 per cent to RO5.94 billion year on year, the Ministry of Finance said in a statement on Sunday. Total public debt was down RO2.2 billion from the end of last year to RO18.6 billion, the ministry said.

Gulf oil producers have benefited from the sharp rise in oil prices, which surged past $100 a barrel after Russia’s invasion of Ukraine in late February exacerbated concerns about disruptions to global energy supply.

Oman, rated junk by ratings agencies, bought back more than $700 million of its bonds in June, a move S&P said “supports improving metrics”. — Reuters


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