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Oman: Oman has recently disclosed its 2024 budget, strategically predicated on an average oil price of $60 per barrel. The announcement, reported by state TV and corroborated by Reuters, sheds light on key fiscal parameters and projections for the upcoming year. The Sultanate anticipates a budget deficit of 640 million Omani rials ($1.66 billion) in 2024, representing approximately 1.5% of the nation’s GDP.

In the fiscal blueprint, Oman outlines its estimated expenditures for 2024, totaling around 11.65 billion rials. This marks a 2.6% increase from the 2023 estimates. Notably, a significant portion of this expenditure encompasses a public debt service amounting to 1.05 billion rials. On the revenue front, the country forecasts an income of 11.01 billion rials for the year, reflecting a 9.5% increase from the 2023 estimates.

Sultan Salim Al-Habs, Oman’s finance minister, asserted that the budgetary projections hinge on guaranteeing the fulfillment of financial requirements, particularly in the event of a decrease in oil prices.

Furthermore, while Oman foresees a moderate increase of 2.6% in expenditures, the revenue side of the equation shows a more robust growth at 9.5%. This nuanced approach reflects a commitment to balancing spending priorities with the imperative of enhancing revenue streams.

Oman’s 2024 budget reflects a pragmatic fiscal strategy, anchored on a realistic oil price assumption. It aims to address economic challenges by strategically managing public expenditures and revenues. Finance Minister Sultan Salim Al-Habs’ insights highlight a government committed to fiscal responsibility and adaptive financial planning.