Oman's 2013 Budget Raised Spending Nearly 30% Over Its 2012 Plan to IRR 12.9 Billion

Reuters reported that Oman's 2013 budget raised spending nearly 30% over its 2012 plan to IRR 12.9 billion as the Sultanate boosts outlay on social benefits it promised after Arab Spring protests in 2011.

Mr Darwish Al-Balushi finance minister in a statement said that spending on education, health, housing and social welfare has been boosted by 22% for this year's plan.

Mr Al-Balushi said that last year's actual spending was around IRR 13 billion, 30% higher than planned, due to new projects. He did not give estimated actual figures for 2012 revenue, which was budgeted at IRR 8.8 billion.

Although the 2013 plan envisages income of IRR 11.2 billion, actual revenue is likely to be higher because the budget is based on a conservative oil price of USD 85 a barrel, with average output of 930,000 barrels a day.