Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Oman ups public expenditures  Join our daily free Newsletter

MENAFN - Khaleej Times - 04/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Oman on Thursday announced that the size of public spending approved in the State General Budget for 2014 amounts to around RO13.5 billion, tapping a growth ratio of five per cent above last year's approved spending, Oman News Agency (ONA) said.

Darwish bin Ismail Al Balushi, Minister Responsible for Financial Affairs, said that the state's total revenues for 2014 amount to RO11.7 billion, with a growth rate of 4.5 per cent compared to last year's approved revenues. Therefore, the deficit for the year 2014, calculated on the basis of an oil price of 85/barrel, is at RO1.8 billion, forming 15 per cent of revenues and six per cent of the gross domestic product (GDP).

At a Press conference to announce the major features of the State General Budget for 2014, the minister said that with respect to public spending components, current expenses of about RO8.7 billion represent 65 per cent of total public spending, while salaries and wages amounting to RO5 billion represent 37 per cent of total public spending.

Al Balushi added that investment expenditures amount to nearly RO3.2 billion, or 24 per cent, of the overall public expenditure are to cover spending on development projects and capital expenses for the production of oil and gas, while subsidy expenses amount to RO1.4 billion, or 10 per cent, of overall public expenditure.

He explained that oil revenues represent 83 per cent of total revenues, while non-oil revenues from the remaining 17 per cent of which almost 50 per cet is the estimated collection from taxes and fees.


The minister also talked about the approved spending for social sectors in the budget saying that the general budget 2014 includes allocations at a sum of about RO9.2 billion to meet social requirements in such field as education, health, housing, training, subsidy and other social services, compared to RO8.7 billion in last year's budget, an increase of RO465 million and a growth rate of 5.3 per cent.

He pointed out that these allocations will address the following areas: education sector, with an amount of RO2.6 billion, constituting a ratio of 18.6 per cent of the total public expenditure, internal and external training programmes with an amount of RO95 million and health sector, amounting to RO1.3 billion, or nine per cent, of the total public expenditure.

Al Balushi added that allocations of social security and welfare stood at RO133 million to cover pensions and social welfare while the housing sector, with an amount of RO2.8 billion, of which a sum of RO138 million for the human assistance programme supervised by the Ministry of Housing, which include building houses across the Sultanate's wilayats and the provision of soft housing loans, in addition to an amount of RO80 million to Oman's Housing Bank's Housing loans programme.

He explained that allocations for subsidies and exemptions stood at RO1.8 billion, which include subsidies for interests on housing and development loans, electricity, water, fuel and some basic food commodities.

 


Khaleej Times




  MENA News Headlines
 Jun 29 2016 - Egypt's exports to increase by USD1.9bnMENAFN
(MENAFN) Egyptian exports accounted to USD1.9bn in May 2016, compared to USD1.7bn at the same time of 2015.However, the country's imports dropped to record USD1.9bn in April, bringing the whole ...

 Jun 29 2016 - Oman's private wealth to reach USD0.4tr in 2020MENAFN
(MENAFN) Private wealth in Oman is predicted to increase from USD0.3tr to USD0.4tr, which will be driven basically by equities at 5.8 percent.Additionally, the growth of private wealth in the ...

 Jun 29 2016 - Robbie plays thoroughly modern 'Jane' in new 'Tarzan' filmMuscat Daily
(MENAFN - Muscat Daily) With her cut-glass cheekbones, porcelain skin and cascading flaxen locks, it is hard to imagine a better choice to play Tarzan''s love interest than Australian actress Margot ...

 Jun 29 2016 -  Childbirth's grim plight in Kashmir's remote mountainsMuscat Daily
(MENAFN - Muscat Daily) ''We are afraid we could die,'' says Asmat Nisa, a mother of five set to give birth again. It is a dangerous prospect for women in the remote mountains of Pakistan ...

 Jun 29 2016 - Oman- Ramadan Special - Food Diary: Distinctly AmericanMuscat Daily
(MENAFN - Muscat Daily) Meal Perfect Today, we bring you two recipes by Chef Bryce Carter to liven up your iftar table.

 Jun 29 2016 - UAE hotels record highest occupancy ratesKhaleej Times
(MENAFN - Khaleej Times) Hotels in the UAE recorded the highest occupancy rates in the Middle East but revenues declined, according to EY hotel benchmark report. Dubai and Abu Dhabi''s hospitality ...

 Jun 29 2016 - UAE- Hamdan approves new DED appointmentsKhaleej Times
(MENAFN - Khaleej Times) Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has approved Executive Council Resolutions numbers (22), ...

 Jun 29 2016 - Smart services save Dh4.3b for DubaiKhaleej Times
(MENAFN - Khaleej Times) Dubai Government saved Dh4.3b over the past 12 years through smart services, the Smart Dubai Office revealed on Tuesday. Results of the Smart Dubai Government Shared ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help