Ashraf Abo Arafe
In the beginning of a new year, Sultan Qaboos bin Said, Sultan of Oman, issued a decree authorizing the ratification of the state budget for the fiscal year 2019.
The total estimated revenues for the state budget for 2019 calculated on the basis of the price of oil (58) US dollars per barrel about (10) billion and (100) million RO, and the total public spending by about (12) billion and (900) million (RO 400) million from the estimated expenditure for 2018.
The preliminary reading of the general budget reveals that the Sultanate of Oman aims to achieve a set of objectives to emphasize that:
* Oman is the fastest growing GDP in the GCC in 2019.
GDP growth is forecasted in 2019 at around 3%.
* Oman to take further hedging in the budget of 2019 in light of volatile oil prices and the imbalance of markets.
* 400 million riyals increase in public spending by 3% over the estimated in 2018.
* 4.5 billion riyals Current expenditure .. and 3.5 billion salaries of employees by 76%.
* 745 million riyals of electricity and petroleum products subsidies, loans and government companies.
* 3.7 billion riyals for investment projects .. Of which 2.5 billion for the implementation of industrial and service projects provide jobs and 5000 governmental jobs during the current year.
* Taking into account the progress of developing projects, implementation and paying dues.
* Promising development projects in the health, roads and services sectors.
* The budget aims to achieve the desired returns, maintain the deficit in “safe levels”, reduce public debt and improve the structure of government revenues within the overall objectives.
Education, health, housing and welfare are the largest share of expenditure, accounting for 39%.
