Muscat: Oman has projected 14 per cent growth in public revenue in the 2011 budget.
“The public revenues of the state are estimated at 7,280 million Omani riyals compared to 6,380 million riyals in the state budget for 2010, a growth of 900 million riyals or 14 per cent,” Ahmed Bin Abdulnabi Macki, National Economy Minister and Deputy Chairman of the Financial Affairs and Energy Resources Council, said during his speech at the second session of the fourth annual term 2010/2011 of the Majlis As’shura.
The elected members of the Shura on Wednesday discussed the 8th Five-Year Plan and the draft budget for the financial year 2011 with the minister, reports ONA.
“The estimates of the state budget for 2011 have been prepared in accordance with the fundamentals of the 8th Five-Year Plan 2011-2015 so that these estimates are in line with the broad lines of the plan, its aims and with the financial framework of the 8th plan, Abdulnabi Macki said.
He also pointed out that oil revenues have been calculated on the assumption that the average price per barrel is $58 with production of 896,000 barrels daily, 26,000 barrels or three per cent more compared to the estimated production in 2010 budget.
Macki noted that the estimated public expenditure for the fiscal year 2011 is about 8,130 million riyals compared to R O 7,434 million riyals in the 2010 budget, an increase of 696 million riyals or nine per cent compared to the amended budget for 2010.
He said that the estimated revenues and expenditure in the state budget show that the estimated deficit for 2011, at which the price of oil barrel is calculated at $58, will be about 850 million riyals, 12 per cent of the revenues and four per cent of the GDP according to the preliminary estimates of the 2011 budget.
“From economic perspectives, these rates are within acceptable limits,” he added.
