Oman recorded a budget surplus of 1.09 billion rials ($2.6 billion) in the first eight months of this year, compared with more than 1bn rial deficit in the same period a year earlier.
The Gulf country's total public revenue in the January-August period jumped 47.3 per cent to more than 9.3bn rials, compared with 6.3bn rials during the same period last year.
Total public spending until the end of August this year increased by 11.5 per cent to reach about 8.2bn rials, compared with 7.3bn rials in the prior year period.
Oman is poised to post its first yearly fiscal surplus in a decade in 2022, according to a Fitch Solutions report released in August.
The sultanate's 12-month fiscal surplus is expected to amount to 6.5 per cent of its total gross domestic product this year, Fitch estimates. Revenue will rise further in the second half of the year because of high energy prices, it said.
Oil prices, which rose more than 67 per cent in 2021, continue to trade higher this year amid supply concerns following Russia’s military offensive in Ukraine.
Sultan Haitham, Ruler of Oman, earlier this year said that the country planned to use revenue from rising oil prices to reduce its public debt and support spending on government projects while ensuring inflation does not affect basic commodity prices.
Oman, a small crude producer compared with its Gulf neighbours, is more sensitive to oil-price swings and was hit hard by the coronavirus pandemic.
However, higher oil prices, along with fiscal reforms, helped to narrow the government deficit.
In April, S&P Global Ratings upgraded Oman’s long-term foreign and local currency sovereign credit rating to BB- from B+, citing higher oil prices, rising hydrocarbon production and the government’s fiscal reform programme.
A BB rating is a speculative grading that implies the issuer is less vulnerable in the near term.
The credit rating agency also revised Oman's outlook to stable.
Oman's economy is forecast to grow 5.6 per cent this year amid higher oil prices, the International Monetary Fund earlier said.
KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
The Kingfisher Secret
Anonymous, Penguin Books
SPECS
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The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
The specs: 2018 Maserati Levante S
Price, base / as tested: Dh409,000 / Dh467,000
Engine: 3.0-litre V6
Transmission: Eight-speed automatic
Power: 430hp @ 5,750rpm
Torque: 580Nm @ 4,500rpm
Fuel economy, combined: 10.9L / 100km
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
