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Minister Responsible For Financial Affairs/ Statement





Minister Responsible For Financial Affairs/ Statement

Muscat, Jan 1st (ONA)--- Darwish bin Ismaiel al-Balushi, Minister Responsible for Financial Affairs said that His Majesty Sultan Qaboos Bin Said has approved the State General Budget and the Royal Decree No.1/2013 approving the State Budget for 2013 has been issued, thus affirming the wise financial disclosure policy adopted by His Majesty since the dawn of the blessed Renaissance.

He said that the expected revenues at the State Budget for the Fiscal Year 2013 are estimated at /RO.11.2/ billion whereas the size of expenditure is estimated at /RO.12.9/ billion. The oil price at the State Budget for 2013 has been calculated at /$85/ per barrel with the production level at /930,000/ barrel per day.

He pointed out that in 2012 State Budget, the government had approved the revenues at about /RO.8.8/ billion and the expenditure at about /RO.10/ billion. The average oil price at the budget was calculated at /$75/ whereas the actual expenditure in the 2012 budget rose to about /RO.13/ billion due to the additional projects which have been approved.

In a statement to Oman News Agency (ONA), he pointed out that through the State Budget for the new Fiscal Year 2013, the government seeks to achieve a number of aims that meet the requirements of the development process and be in line with the aims approved at the 8th five-year plan (2011-2015), such as enhancing economic growth by constant increase in the governmental spending, especially the development expenditure and availing the financial allocations for employment at the different administrative units of the state.

The government also seeks to enhance the social aspect of the development through increasing expenditure on education, health, housing and social care. The growth rate in the expenditure on these sectors will be about /22%/.

Darwish bin Ismaiel al-Balushi, Minister Responsible for Financial Affairs will hold a press conference tomorrow /Wednesday/ at the Ministry of Finance in which he will review the main features of the State Budget for the Fiscal Year 2013, the major aspects of expenditure and revenues at the State Budget for the last Fiscal Year 2012, the financial and monetary policies adopted by the government to ensure the growth rates in the different social and economic sectors.






 














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