Latest news with #fiscalperformance
Times of Oman
27-05-2025
- Business
- Times of Oman
Oman's public revenues decline by 7% to reach OMR2.63bn by end of Q1 2025
Muscat: The State's public revenues decreased by 7% to reach OMR2,635 million by the end of Q1 2025 compared to OMR2,826 million recorded during the same quarter of 2024. This decline is primarily attributed to a reduction in hydrocarbon revenue, according to the Fiscal Performance bulletin issued by the Ministry of Finance. Net oil revenue amounted to OMR1,468 million as of the end of Q1 2025, representing a 13% decrease from OMR1,688 million collected during the same quarter of 2024. Net gas revenue reached OMR436 million as of the end of Q1 2025, reflecting a 2% decline from OMR444 million recorded in the same quarter of 2024. Current revenue stood at OMR725 million as of the end of Q1 2025, indicating a 5% increase, i.e., OMR34 million, from OMR691 million collected during the same quarter in 2024. By the end of Q1 2025, public spending reached OMR2,771 million, marking a 4% increase, i.e., OMR107 million, from OMR1,978 million recorded during the same quarter of 2024. This growth is primarily attributed to increased development expenditure compared to the same period in 2024. Moreover, current expenditure amounted to OMR1,967 million as of the end of Q1 2025, reflecting a 1% decrease, i.e., OMR11 million, from OMR1,978 million reported during the same quarter of 2024. Development expenditure of the ministries and government units reached OMR254 million as of the end of Q1 2025, representing 28% of total development expenditure, i.e. OMR900 million, allocated for 2025. Contribution and other expenses stood at OMR490 million as of the end of Q1 2025, indicating a 1% increase, i.e., OMR4 million, from OMR486 million recorded in the same quarter of 2024. The subsidies allocated to the social protection system and oil products amounted to OMR144 million and OMR27 million, respectively, as of the end of Q1 2025. Furthermore, OMR100 million was transferred to the future debt obligations budget item. By the end of Q1 2025, spending on social sectors and basic services reached OMR1,668 million. Moreover, the Ministry of Finance had paid over OMR304 million to the private sector, received through the financial system with complete documentation. This reflects the Ministry's commitment to settling fully documented private sector dues within an average of five working days. Furthermore, the government repaid several outstanding financial obligations, leading public debt to stand at OMR14.3 billion by the end of Q1 2025, down from OMR15.1 billion at the end of the same quarter in 2024.
Reuters
23-05-2025
- Business
- Reuters
Moody's lifts outlook on Italy to 'positive'
May 23 (Reuters) - Moody's on Friday raised its outlook on Italy to "positive" from "stable", citing improved confidence following a "better-than-expected" fiscal performance last year and a "stable" political environment, which will support the government's plans. The credit ratings agency also maintained its "Baa3" rating on Italy.
Zawya
22-05-2025
- Business
- Zawya
Jordan: Public debt rises to $40bln by March, driven by Eurobond repayment strategy
AMMAN — The government debt reached JD35.080 billion by the end of March 2025, equivalent to 91.5 per cent of the estimated Gross Domestic Product (GDP), excluding holdings by the Social Security Investment Fund (SSIF). This figure marks an increase from JD34.178 billion recorded at the end of 2024, or 90.2 per cent of GDP, and includes liabilities from the National Electric Power Company (NEPCO) and the Water Authority totalling around JD8.8 billion, the Jordan News Agency, Petra, reported. According to the Ministry of Finance's monthly bulletin announced on Wednesday, the "temporary" rise in debt is primarily due to the government securing soft loans at "competitive" interest rates, which were deposited with the Central Bank of Jordan (CBJ) to repay Eurobonds maturing in June. The external public debt, including budget and guaranteed, excluding the SSIF's holdings, reached approximately JD19.6 billion by the end of March, which is equivalent to 51.2 per cent of the GDP compared with JD19.335 billion at the end of 2024. Meanwhile, domestic debt stood at around JD15.4 billion, or 40.2 per cent of the GDP, up from JD14.8 billion (39.2 per cent) at the close of last year. In terms of servicing external debt, interest payments in March amounted to JD24.4 million, while principal repayments reached JD56 million. On fiscal performance, total general revenues during the first quarter of 2025 amounted to JD2.163 billion, an increase of JD103 million (5 per cent) compared with JD2.060 billion during the same period last year. In addition, total government expenditures went up to JD2.7 billion from JD2.488 billion, marking a rise of JD212 million (8.5 per cent). This increase was driven by "higher" current expenditures (up JD147 million or 6.2 per cent) and a "significant" rise in capital expenditures (up JD65 million or 65.2 per cent). These developments led to a fiscal deficit of JD537 million in the central government's budget after grants, compared with JD428.8 million during the first quarter of 2024. Before accounting for grants, the deficit reached JD540.4 million, up from JD478.3 million for the same period last year. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
