Oman’s 2024 Budget: Higher Revenues, Lower Debt, and Strong Private Sector Support

Oman’s 2024 Budget: Higher Revenues, Lower Debt, and Strong Private Sector Support

Oman’s 2024 state budget performance highlights a positive financial outlook, driven by increased public revenues, disciplined spending, and reduced national debt. According to the Ministry of Finance, Oman recorded a 16% rise in public revenues, reaching OMR 12.781 billion, compared to the approved estimate of OMR 11.10 billion. This increase reflects strong economic performance, efficient revenue collection, and enhanced returns from strategic sectors like oil and gas.

Government spending also rose moderately, with actual public expenditures reaching OMR 12.241 billion—a 5% increase compared to the initial budget allocation of OMR 11.650 billion. The government maintained a balanced fiscal policy, prioritizing economic development while ensuring financial stability.

A key achievement in 2024 is the reduction of Oman’s public debt to OMR 14.6 billion, a drop of approximately OMR 660 million from 2023. This aligns with national efforts to enhance fiscal sustainability and reduce dependency on borrowing.

In support of economic growth, the Ministry of Finance disbursed over OMR 1.6 billion in private sector dues during 2024. These payments were processed efficiently through the financial system, strengthening public-private sector cooperation.

Overall, Oman’s 2024 fiscal performance reflects robust financial governance, supporting both economic confidence and long-term stability.

Ahmed Al Harthi

BSc in Software Engineering with Multimedia and Masters of Business Administration in Project Management. Ahmed works as an IT manager and content creator at Omanspire.

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