OMAN: Ahmed Bin Abdul Nabi Macki, National Economy Minister and Deputy Chairman for the Financial Affairs and Energy Resources Council, announced that the total approbations for the program (new and ongoing projects) for the 8th Five-Year Plan 2011-2115 will amount to RO12 billion ($31.2 billion) compared to RO3 billion as actual approbations for the Seventh Plan. At the unveiling of the new five-year development plan and the state general budget for 2011, he said the approbations for the new projects are estimated at RO5.6 billion and the ongoing projects expected to be carried forward from the Seventh Plan at RO6.4 billion. He said the plan, in the economic balance and continuous growth dimension, aims to achieve a growth rate of not less than 3 percent at constant prices and low inflation rates. The preliminary forecasts of the Plan indicate GDP growth during its period at an annual average rate of 6 percent at current prices and 5 percent at constant prices. Inflation rate is expected to remain at an average of 4 percent for the Plan period, and increase of total investment size to RO30 billion, or a hike of 113 percent compared to the Seventh Development Plan. As for the main features for the State General Budget for 2011, Macki said that the State General Budget for 2011 is approved in accordance to the objectives of the Eighth Five-Year Development Plan (2011-2015) and the estimates are consistent with the main directives and objectives of the Plan and within the macro-framework of the Plan. The budget for 2011 estimate are within the fiscal framework of the Eighth Plan. The public revenue for the fiscal year 2011 are estimated to be about RO7280 million compared to RO6380 million in the 2010-budget, an increase of RO900 million or 14 percent. Oil and gas revenue constitutes 81 percent of total revenue, while the current and capital revenue constitutes 19 percent. The oil revenue is computed on the basis of an average price of $58 per barrel. Based on these assumptions, the oil revenue is expected to amount to RO4956 million with share in total revenue of 68 percent. The gas revenue is estimated at RO920 million and its share in total revenue will reach 13 percent. The current and capital revenue are estimated at RO1404 million constituting 19 percent of total revenue. Macki pointed out that the total public expenditure for the fiscal year 2011 is estimated to be RO8130 million compared to RO7180 million for the fiscal year 2010, an increase of about RO950 million at 13 percent. This will cover the elements and components of expenditure. Initially the state's general revenues for 2010 were estimated at about RO6,380 million against RO5,614 million in 2009 budget which increased by RO766 million or 14 percent. Oil and gas revenues constituted 76 percent of the total revenues, whereas the current and capital revenues constitute 24 percent. The oil revenues in 2010 were estimated on the assumption of an average oil price of $50 per barrel. According to these assumptions, the oil revenues were estimated to amount to about RO4,050 million.
