Oman’s public debt shrinks by $488m in Q1

Oman’s public debt shrank by 188 million rials ($488 million) to reach 15.1 billion rials in the first quarter as compared to 15.3 billion rials at the end of 2023, official data showed on Monday. The figures were released by the country’s Finance Ministry in its financial performance report revealing key indicators such as public debt, revenues, oil and gas net incomes and expenditures for the first quarter of 2024. The report showed that the ministry paid 206 million rials in dues to the private sector in the first quarter. Oman’s budget revenues reached 2.826 billion rials in Q1 2024, 12 percent lower from 3.217 billion rials in the same quarter the previous year, mainly due to a decline in oil and gas revenues The country’s gas revenues declined 38 percent to 444 million rials in Q1 2024, while those from oil fell 1 percent to 1.688 billion rials on an average oil price of $83. The public spending of the Gulf country reached 2.664 billion rials, 4 percent lower than the same period a year prior, the state news agency reported citing Finance Ministry data.

The current expenditures of civil ministries totaled about 1.97 million rials. a decrease of 49 million rials compared to the first quarter of 2023.

In March, S&P Global Ratings lifted Oman’s outlook noting the nation’s improved fiscal position and stronger financial profiles for its state-owned enterprises. The upgrade to “positive” from “stable” reflects expectations that Oman’s economic reform program could lead to fasterthan-expected deleveraging in many of its government-owned entities, without dampening economic growth.