Oman Records Ro784m Budget Surplus In H1

2022-08-07 03:30:44

(MENAFN- Khaleej Times)

The Omani government posted a budget surplus of RO784 million ($2.04 billion) at the end of the first half of 2022, Oman's state news agency reported on Sunday.

The Gulf Arab state's oil revenues increased to RO3.187 billion by the end of first half, the report added.

Public spending rose 8.6 per cent to RO5.94 billion year on year, the Ministry of Finance said in a statement on Sunday. Total public debt was down RO2.2 billion from the end of last year to RO18.6 billion, the ministry said.

Gulf oil producers have benefited from the sharp rise in oil prices, which surged past $100 a barrel after Russia's invasion of Ukraine in late February exacerbated concerns about disruptions to global energy supply.

Oman, rated junk by ratings agencies, bought back more than $700 million of its bonds in June, a move S&P said“supports improving metrics”. — Reuters

MENAFN07082022000049011007ID1104659622

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.