FINANCIAL NEWS

Oman posts USD2b budget surplus in 2 months

13 May 2012

(MENAFN) Omani finance ministry announced that during the January-February period, the Sultanate recorded a USD2 billion budget surplus, reported Reuters.

The ministry attributed the surplus to high oil prices that boosted revenues, adding that net oil revenues reached USD3.88 billion, with an increase of 43 percent from 2011’s same period.

It said that during the aforementioned period, public expenditure went up 8 percent, reaching USD2.84 billion, and representing 11 percent of the USD25.90 billion allocated for the current year.

It is worth noting that in the first 2 months of 2012, Oman’s budget income grew 31 percent from the same period a year ago to USD4.92 billion.

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