Oman reports a fiscal deficit of RO751 million in Q1

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هذه الصفحة متوفرة بهذه اللغة: العربية

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2 May 2021

MUSCAT (WAF): The Omani Ministry of Finance data showed a fiscal deficit of 751 million Omani Rials in the first quarter of this year, compared to 26 million Omani Rials by the end of March 2020.

According to the monthly financial performance bulletin issued by the ministry, the deficit reflects the decrease in the average oil price from $65.49 per barrel to $50 on an annual basis. In the first quarter of 2021, the net oil revenues reached 918.6 million Omani Rial, down 34.2% from the end of March 2020.

Gas revenues were stable in the first quarter at RO365 million Omani, while current revenues increased by 6% to RO514 million. Capital Revenue & Repayments, which reflect government companies’ revenues and returns from the sale of assets, decreased by 94.4% to reach RO20.6 million. The data for the first quarter of 2020 includes the income from the sale of 49% of the shares of the Oman Electricity Transmission Company in December 2019 for one billion US dollars (RO384.6 million).

With the decrease in total revenues by 30.5% during the comparative period to reach RO1.8 billion, spending also decreased slightly by 2.7% to reach RO2.57 billion, especially with measures to cut spending on government units and reducing the number of government employees, which took effect starting this year.

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