In the first ten months of 2023, government revenues reached approximately 9.8 billion rials, reflecting a decrease of 17% compared to the same period in 2022 when revenues amounted to about 11.86 billion rials.
As for public expenditure until the end of October last year, it amounted to around 8.97 billion rials, a decline of 1.684 billion rials, representing a 16% decrease compared to actual spending during the same period in 2022.
By the conclusion of October 2023, the state’s general budget recorded a financial surplus of around 830 million rials, in comparison to a surplus of 1.208 billion rials during the same period in 2022.
Regarding public debt, the total saw a significant decrease, reaching approximately 16.3 billion rials in 2023. The government implemented various financial measures and initiatives to reduce public debt, diversify income sources, and streamline public spending. These efforts included early repayment of loans and replacing high-cost loans with those of lower cost and longer maturity periods, contributing to an improvement in credit ratings and increased investor confidence. In the first half of the current year, Oman successfully repaid over 1.5 billion rials of government loans.
These statistics reflect the ongoing improvement in indicators of Oman’s financial strength, along with continuous progress in achieving financial stability through sustained increases in oil prices, economic diversification efforts, and the enhancement of non-oil revenue sources.