A surge in oil prices and higher crude output turned Oman’s projected negative fiscal balance upside down to record its highest ever surplus in 2011 despite an increase in actual spending, according to official data.
Oman, which is not an OPEC member, had projected a shortfall of RO850 million (Dh8.2 billion) when it announced its record 2011 budget early last year. But it massively revised up the gap to RO1,850 million after Sultan Qaboos approved new jobs and hefty pay rises for Omani government employees in response to demands during unrest in February 2011.
Government data showed the balance turned into an actual surplus of RO961.5 billion (Dh92 billion) by the end of 2011 compared with an actual deficit of RO439.8 billon (Dh4.3 billion) in 2010.
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