Budget surplus at RO 194 million

MUSCAT: The National Centre for Statistics and Information (NCSI) has released the first data of the state general budget showing positive indicators as to controlling current expenditure which is considered as a major alternative to make up for the slump in oil revenues.

The data shows that despite fall in oil revenues there has been a surplus of RO 194 million in January this year compared to a surplus of RO 266 million during the same month a year ago. Total general revenues recorded RO 763 million in January, a drop of 17 per cent from the RO 973 million recorded in January, 2014.

The data also shows that during January, total expenditure fell 20 per cent recording RO 562 million as compared to RO 703 million during January last year. In addition, the general revenues exceeded spending by RO 200 million.

The drop in spending was mainly due to a tangible cut in current expenditure by 17 per cent in January to RO 460 million compared to RO 556 million during the same period last year. Expenditure has been slashed in defence and national security allocations which was reduced to RO 170 million from RO 270 million during the same period last year.

The cost of oil production fell from RO 30 million from RO 20 million, while the current expenditure of civil ministries grew 5.6 per cent to RO 267 million.

SOURCE: OMAN DAILY OBSERVER

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