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Updated January 1st, 2024 at 13:30 IST

Oman sets 2024 Budget anchored on $60 per barrel average oil price

The budget projections outline anticipated revenues of around 11.01 billion rials for 2024, reflecting a 9.5 per cent increase from the 2023 estimates.

Reported by: Business Desk
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Oman has announced its 2024 budget with a reliance on an average oil price of $60 per barrel, anticipating a budget deficit of 640 million rials ($1.66 billion), equivalent to approximately 1.5 per cent of the nation's GDP, according to state TV reports on Monday.

The budget projections outline anticipated revenues of around 11.01 billion rials for 2024, reflecting a 9.5 per cent increase from the 2023 estimates. 

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Oman's Finance Minister, Sultan Salim Al Habs, stressed that the budgetary figures were formulated with a focus on meeting financial requirements in the event of a decline in oil prices.

Expenditures are projected to rise by 2.6 per cent in 2024 compared to the 2023 estimates, reaching approximately 11.65 billion rials. This includes a public debt service amounting to 1.05 billion rials. 

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The budget aims to strike a balance between revenue generation and spending, safeguarding against potential challenges posed by fluctuations in oil prices.

(With Reuters Inputs)

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Published January 1st, 2024 at 13:30 IST

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