His Majesty Sultan Qaboos has issued Royal Decree No 1/2010 ratifying the State Budget 2010. The decree states that, with reference to the Basic Law of the State promulgated by Royal Decree 101/96 and the Financial Law promulgated by Royal Decree No 47/98, the State Budget for the Fiscal Year 2010 shall be ratified in accordance with the schedules and tables attached to the decree (Article 1). Article 2 stipulates that all ministries and government units shall implement the provisions of the Royal Decree, each in their areas of jurisdiction. Article 3 states that the decree shall be published in the gazette and shall take effect from January 1, 2010.

Issued on January 1, 2010. Oman News Agency has learned that expected general spending in the 2010 budget is estimated at 7.18 billion rials as against 6.424 billion rials, an increase of 756 million rials or 12 per cent over the 2009 budget figures. Revenues in the 2010 Budget, which is based on an oil price of $50 per barrel, is estimated at 6.38 billion rials compared to 5.614 billion in the 2009 calculations, an increase of 14 per cent. In the 2009 budget, the Sultanate calculated the price of its oil at $45 a barrel.

Oil and gas revenues constitute 76 per cent, while other revenues represent the remaining 24 per cent. Ahmed bin Abdulnabi Macki, Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council, will today hold a press conference on State Budget 2010 in which he will outline plans and programmes for the Sultanate’s economic development.