Oman Posts $927 Million Quarterly Surplus After Oil Prices Rose - Bloomberg
Oman recorded a budget surplus of 357 million rials ($927 million) in the first three months of the year as oil income rose, vowing to increase spending on priority development projects and reduce its debt.
Revenues rose more than 66% during the quarter to around 3 billion rials, compared with 1.8 billion a year ago, while total spending stood at 2.7 million rials, according to the Finance Ministry. Oman ran up a 751-million-rial deficit during the same period last year.
The International Monetary Fund forecasts Oman needs oil prices of $73 a barrel to balance its books this year.
The small Gulf nation has been implementing a series of reforms to bridge its budget shortfall and lower debt, including introducing a 5% value-added tax last year. The Finance Ministry expects the economy to grow 5.6% in 2022, in line with IMF predictions.
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