Finance Minister Sultan Salim Al Habsi released the budget details. He released the information at a press conference. Oman expects revenue of 11.010 billion Omani Riyals in the general budget for fiscal year 2024. Calculated on an average base price of $60 per barrel of oil. The general expenditure for the budget is 11.650 billion Riyals.
Total government expenditure including debt expenditure is 1.050 billion Riyals. The budget deficit is about 640 million Rials, which is six percent of total revenue and one and a half percent of GDP. 54 percent of the total revenue in the budget will come from oil. Although oil prices may rise this financial year, the earnings are calculated as part of a precautionary approach to reduce the burden of economic challenges.
It has been decided to increase the revenue of the non-oil sector. It has been decided to increase the insurance coverage and social security for the citizens. Any economic challenge will enable the Social Security Fund to continue to support the social sector. The Social Security Fund serves as an umbrella for many initiatives.
The allocation for the 10th five-year plan has been set at eight billion riyals. Projects such as housing, health and education are prominent in this. A new budget has been earmarked for this sector. The Sultanate’s economy has been able to perform favorably on the credit rating.