#Oman approves 2022 budget with spending at $31.5bn

Oman approves 2022 budget with spending at $31.5bn

Oman has approved its annual budget for 2022, allocating 12.13 billion Omani riyals ($31.5bn) for spending, with a focus on basic public services, from health to social support, stimulating investment.

This year's budget, which is an increase on the previous year's budget of 12.167bn riyals, is based on an oil price assumption of $50 per barrel, the state-run Oman News Agency (ONA) reported on Sunday.

The government expects its revenue to reach 10.58bn riyals in 2022, with more than half (68 per cent) coming from oil and gas revenue of 7.24bn riyals, ONA reported. Non-oil revenue is estimated to reach 3.34bn riyals, or 32 per cent of total government revenue.

Oman's budget deficit in 2022 is expected to reach an estimated 1.5bn riyals, or 5 per cent of gross domestic product, with the estimated deficit in line with the country's medium-term financial plan, launched by the Gulf state last year to fix its finances.