Oman 2013 budget spending up 30%

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Oman’s 2013 budget raised spending nearly 30 percent over its 2012 plan to OMR12.9bn (US$33.5bn) yesterday as state boosts outlay on social benefits it promised after Arab Spring protests in 2011.

Spending on education, health, housing and social welfare has been boosted by 22 percent for this year’s plan, Finance Minister Darwish Al Balushi said in a statement carried by state media. He said last year’s actual spending was around OMR13bn, 30 percent higher than planned, due to new projects. He did not give estimated actual figures for 2012 revenue, which was budgeted at OMR8.8bn.

Although the 2013 plan envisages income of OMR11.2bn, actual revenue is likely to be higher because the budget is based on a conservative oil price of US$85 a barrel, with average output of 930,000 barrels a day. On Monday, benchmark Brent crude futures traded at US$111.11 a barrel.

On Sunday, Omani Finance Ministry figures showed the country had run a surplus of US$7.3bn from January to October despite issuing a budget plan that envisaged a deficit of OMR1.2bn.  Last year’s budget was based on an average oil price of US$75 a barrel.

Protests in Oman in February 2011 led to at least two deaths. They demanded jobs, better pay, more democracy and an end to corruption. HM Sultan Qaboos bin Said responded by granting more social benefits, sacking some ministers and giving more legislative powers to Oman’s only elected national body.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

2
Q&A with Dubai Chamber

Q&A with Dubai Chamber

We spoke with Essa Al Zaabi of Dubai Chamber of Commerce to find...

The politics of big data

The politics of big data

The UAE may be one of the fastest adopters of e-government initiatives...

Most Discussed
  • 22
    World's most pierced man refused entry to the UAE

    Its quite hypocritical & childish that most people use their children as excuses to persecute their views unto others. Were all of you as innocent when... more

    Wednesday, 20 August 2014 9:03 AM - Calvin Pinto
  • 13
    Baby NOT on board?

    I am sure the Writer of this article as well as some of the guys who commented would have been the best behaved kids in their times; never ran around... more

    Wednesday, 20 August 2014 4:44 PM - Wildwine
  • 5
    CEO of Just Falafel to step down

    Every word mentioned above by Omar is 100% true. I have been closely watching and analyzing JF and I am wondering at their strategy, speed of growth and... more

    Wednesday, 20 August 2014 8:24 PM - Ivar