After calculation of the financial means of the country, it was revealed that the public finances of the country by the end of October 2017 recorded a surplus amount of Omani Riyals 1,757.5 million that is an increase of 219.2% over Omani Riyals 550,600,000 of the same period last year, according to Centre.

Among the total financing means, which was adopted by the Sultanate until the end of October this year amounted to Omani Riyals 4, 956.6 million. The net borrowing in the same period was Omani Riyals 4,106.6 million. The net domestic borrowing was Omani Riyals 350 million and the reserve financing was Omani Riyals 500 million.

Before the calculation of the means of financing, the deficit in public finances at the end of October was Omani Riyals 3,199.1 million a decrease of 33.4% compared with the amount by the end of October 2016. The deficit amounted to Omani Riyals 4,806.2 million.

The total public expenditure of the public finance of the state by the end of October 2017 increased by 5.6% to Omani Riyals 9,424,700,000 compared with 8,920,700,000 during the same period last year. October this year the total revenues increased by 19.2% to Omani Riyals 6,575.6 million from Omani Riyals 5,514.5 million of the same period last year.

The increase in the revenues of public finances until October 2017 was due to a rise in net oil revenues by 32% to reach to Omani Riyals 3,661.6 million over Omani Riyals 2,774.1 million in the same period last year. Similarly, the gas revenues increased by 10.7% to reach to Omani Riyals 1,214.6 million over Omani Riyals 1,097.2 million by the end of October 2016.

The capital income also recorded an increase of 28.8% by the end of October this year to reach to Omani Riyals 15,200,000 from Omani Riyals 11,800,000 of the end of October 2016. On the other hand, the customs tax revenues decreased by 23.4% to Omani Riyals 185,700,000 from Omani Riyals 242,400,000 of October 2016.

The income tax on companies also decreased by 5.9%, to Omani Riyals 338,300,000 in October end this year from Omani Riyals 359,400,000 of the same period last year. However, other revenues recorded an increase of 12.7% to reach to Omani Riyals 1,160 million from Omani Riyals 1,029,600.

As far as the public spending is concerned, the current expenditures were the largest. It reached to Omani Riyals 6,636.9 million by the end of October 2017, which was an increase of 3.2% over Omani Riyals 6,433,000 million of the same period of last year.

Defense and security expenditures decreased by 0.5% to reach to Omani Riyals 2,660.9 million while the expenditure of civil ministries increased by 1.8%, to reach to Omani Riyals 3,341.7 million. Interest on loans recorded a highest increase of 290% to reach to Omani Riyals 207,100,000 this year.

The cost of oil production rose by 2.9% to reach to Omani Riyals 270,200,000 while gas production expenses fell by 2.4% to Omani Riyals 157 million. The investment expenditure increased by 16.7% to Omani Riyals 2,348.1 million.

The development expenditures of the civil ministries increased by 14.7% to reach to Omani Riyals 1,202 million while the capital expenditures of the civil ministries decreased by 54.5% to Omani Riyals 5,600,000.

From among the investment expenditures, the oil production expenditure reached to Omani Riyals 602,100,000 which is an increase of 24.6% of the previous year. Similarly the gas production expenditure increased by 14.9% this year to reach to Omani Riyals 538.4 million.

The contribution and support expenses recorded a decrease of 7.5% to Omani Riyals 439,700,000, while the actual expenses under settlement recorded to be Omani Riyals 350 million.