OMAN’S annual State Budget for this year is significant on several counts but what stands out most importantly is that it is pro-youth, pro-business and growth-oriented budget. According to the budget, the projected government expenditure for 2012 will be RO 10 billion and the revenue estimate is RO 8.8 billion, leaving an anticipated deficit of RO 1.2 billion for the year.
The revenue estimate is 21 per cent (RO 1.5 billion) higher than that of 2011, whereas public expenditure is 9 per cent (RO 800 million) more than last year’s revised estimate of RO 9.13 billion. The government would use much of 2011’s general budget surplus to fill part of the projected revenue deficit of RO 1.2 billion in 2012.
The Sultanate is set to wind up 2011 with a budget surplus of RO 700 million as against an anticipated shortfall of RO 2.6 billion, thanks to high crude prices in the international market. The budget surplus of RO 700 million from the 2011 budget has been set aside to cover the gap in this year’s budget, which forecasts a deficit of RO 1.2 billion.
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