At the end of the first half of this year, the Sultanate of Oman's general budget recorded a fiscal surplus of about 656 million Omani riyals ($ 1.71 billion). Oman and Gulf oil producers benefited last year from a spike in crude oil prices after the outbreak of the Russian-Ukrainian war exacerbated fears of disruption to global energy supplies.
Public debt fell to 16.3 billion Omani riyals ($42.28 billion), meaning the surplus accounts for about 42 percent of GDP, down from the 65 percent level at its peak two years ago. Although the current level of public debt remains high, its decline is proceeding faster than expected, which reflects positively on the cost of debt. The fiscal surplus will also remain available for spending on structural projects, or in stimulus spending towards sustainable economic and social returns.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
