RIYADH:Â Oman has recorded a budget surplus of 357 million Omani rials ($930 million) at the end of the first quarter, thanks to growing oil revenues.
The surplus funds will be directed to stimulating economic recovery, developing projects, and reducing the level of debts.
The country saw a massive improvement from a deficit of 751 million Omani rials in the same period a year ago, according to a report by the Ministry of Finance.
Total revenues reached up to 3.03 billion Omani rials, up over 66 percent on the year, and expenditures rose by 3.8 percent to 1.82 billion rials.
Strong oil revenues, which surged to 1.57 billion Omani rials year-on-year, were the main driver of the solid figures.
This happened amid a boom in the energy market as oil prices have been soaring steadily to record highs since the beginning of the year.Â
