Oman’s State Budget Shows 2.7% Drop in Spending

Business

May 2nd, 6:40am

Muscat - Asharq Al-Awsat

Net oil revenue declined in Oman due to the economic impact of the coronavirus pandemic. (ONA)

Spending in the first quarter of 2021 period dropped 2.73 percent, Oman’s Finance Ministry said in its monthly bulletin on Saturday. Public revenue totaled OMR1.818 billion (USD4.7 billion), down by 30.5 percent as compared with the same period in 2020. Net oil revenue declined by 34.2 percent. This is attributable to low oil prices and economic implications triggered by the COVID-19 pandemic, the Ministry added. On the other hand, current revenue increased by 6 percent. The decline in capital revenue and repayments during the first quarter of 2021, as compared to the same period of 2020, is due to the privatization of Oman Electricity Transmission Company that generated a yield of OMR365.4 million (USD946.4 million), recorded in March 2020. Oman’s deficit expanded to OMR751.4 million ($1.9 billion) in the first quarter. Further, over 10,000 job opportunities were provided during Q1 of this year, which is 31.6 percent of the numbers targeted by the Ministry of Labor for 2021. The report said 4,051 job opportunities were provided in state institutions, including replacements: 1,330 in the Ministry of Health, 2,469 in the Ministry of Education, 115 in the Ministry of Higher Education, Scientific Research and Innovation, 92 at the University of Technology and Applied Sciences and others.

from Asharq AL-awsat https://english.aawsat.com/home/article/2950631/oman%E2%80%99s-state-budget-shows-27-drop-spending