Oman's state budget recorded a surplus of $928 million at the end of the first quarter of 2022.
The Finance Ministry announced the surplus would be used to accelerate economic recovery, enhance development expenditure, and reduce the risks of the country's public debt portfolio.
As of the end-first quarter of 2022, public revenue amounted to OMR3.025 billion, up by 66.3 percent compared to the same quarter in 2021, according to the monthly bulletin of the Ministry of Finance.
The monthly bulletin issued by the Ministry of Finance indicated that, until the end of the first quarter of 2022, the state's public revenues increased by 66.3 percent, to a record $8.45 billion compared to $4.3 billion revenues collected in the same period in 2021.
The ministry said net oil revenue was $4 billion at the end of the first quarter, up by 70.2 percent from the same period a year earlier.
The increased oil revenues were driven by a hike in average oil prices, which rose to $78 a barrel, as well as increased oil production at the rate of 1.025 million barrels a day, compared to the average oil price of $45 a barrel for the same period in 2021.
The data showed that Oman also recorded a more than doubling of gas revenue in the first quarter.
Gas revenues rose 124.4 percent, compared to the same period in 2021, due to the rise in gas prices and production increases.
Current revenues increased by 23.7 percent, compared to the same period in 2021, due to the inflows from the value-added tax, excise tax, and improved collection of government revenues.
Total public spending until the end of the first quarter of 2022 amounted to about $6.7 billion, recording a 3.8 percent increase over actual expenditures for the same period in 2021.
The development expenditure of civil ministries and allied organizations rose 130.8 percent during the first quarter of 2022 to reach $390 million, compared to the same period in 2021. This amount represents 13.6 percent of the development budget of $2.86 billion allocated in 2022.
Contributions and other expenses accounted for another $465 million, including $130 million for public debt service.
By the end of the first quarter of 2022, the Ministry of Finance paid the private sector $380 million, reflecting the payment vouchers received through the e-financial system, those that have completed the documentary cycle.