The Sultanate of Oman approved the 2023 budget, as preliminary estimates of the Sultanate’s budget showed that total public spending would reach 12.95 billion riyals ($33.75 billion). The Sultanate of Oman expects an average price of $55 per barrel of oil in the 2023 budget.
According to the Ministry of Finance, the total primary public revenues of the general budget are estimated at 11.65 billion riyals ($30.34 billion), while the budget deficit is expected to reach 1.3 billion riyals ($3.38 billion).
Standard & Poor's expected that the Sultanate of Oman would achieve a government fiscal surplus by the end of 2022, which is the first since 2014. The agency also expected that the government debt in the Sultanate of Oman would decrease to $46.6 billion (17.9 billion Omani riyals, or 42 percent of GDP), by the end of 2022.
According to the agency, real GDP will increase by nearly 4 percent in 2022, then decrease to about 2 percent on average in 2023-2025.
Source (Al-Arabiya.net Website, Edited)
