Oman’s Public Debt Falls to $37.41 Billion Amid Revenue Decline

UAE, 22 August, 2024 : By the end of Q2-2024, Oman’s public debt decreased to RO 14.4 billion ($37.41 billion), down from RO 16.3 billion in Q2-2023, due to the government's repayment of financial obligations. Public revenue fell by 2% to RO 6,197 million, driven by lower net gas revenue and current revenue.

The Ministry of Finance paid over RO 558 million to the private sector during this period through the e-financial system. Net oil revenue increased by 3% to RO 3,362 million, with an average oil price of $82 per barrel and daily production of 1,003 thousand barrels.

Net gas revenue declined 15% to RO 943 million, impacted by changes in revenue collection methods. Current revenue also dropped to RO 1,882 million. Meanwhile, public spending rose by 2% to RO 5,806 million, despite a slight reduction in civil ministries’ current expenses to RO 4,065 million.

Source : www.zawya.com