The Ministry of Finance announced that it has paid more than RO 325 million due for private sector in accordance with payment vouchers received through the e-financial system with a completed documentary cycle.
The Ministry’s Fiscal Performance Bulletin pointed out that public revenue at the end of the first quarter of 2023 amounted to RO 3,217 million, up by 6% compared to RO 3,025 million registered over the corresponding period in 2022. This is mainly attributed to an increase in oil revenue and current revenue, representing 53% and 25%, respectively, of the total public revenue.
Net oil revenue at the end of the first quarter of 2023 amounted to RO 1,707 million, increasing by 9% when compared to RO 1,565 million achieved over the same period in 2022. This is driven by higher oil prices of USD 85 per barrel, as well as an increase in oil production to 1,063,000 barrels per day.
Net gas revenue at the end of the first quarter of 2023 decreased by 12% to stand at RO 720 million compared to RO 819 million registered over the same period in 2022. The decline is a result of a deduction of gas purchase and transport expenses from the total revenue collected from the Integrated Gas Company.
Moreover, current revenue amounted to RO 787 million at the end of the first quarter of 2023, going up by RO 151 million when compared to RO 636 million registered over the same period in 2022.
Public spending by the end of the first quarter of 2023 amounted to RO 2,767 million, comprising a rise by RO 99 million (4%) when compared to the same period in 2022. This is mainly due to an increase in current expenditure and contributions and other expenses.
Further, current expenditures of civil and government units at the end of the first quarter of 2023 amounted to RO 1,033 million, comprising a rise by RO 79 million compared to RO 954 registered during the same period in 2022.
Development expenditure of civil and government units during the same period amounted to RO 117 million, representing 13% of total development spending, i.e. RO 900 million allocated for 2023.
A rise by 53% was recorded in total contributions and other expenses by the end of the first quarter of 2023, amounting to RO 273 compared to RO 179 million registered over the same period in 2022. Oil products subsidy amounted to RO 78 million. Additionally, an amount of RO 100 million was transferred to the budget item on future debt obligations.
Meanwhile, the State Budget registered a surplus of RO 450 at the end of the first quarter of 2023 compared to a surplus of RO 357 million achieved over the same period in 2022.
Source: Oman News Agency