Print Edition - 2017-01-03  |  Money Digest

Oman’s budget projects deficit

- AFP, MUSCAT

Jan 3, 2017-

Oman on Sunday said it will need to borrow money from local and international markets as it announced its budget for 2017 with a projected deficit of around $7.7 billion. A finance ministry statement said the sultanate, which like other oil-producing Gulf states has been hit by a cash crunch because of a sharp drop in oil prices, will also follow a policy of austerity. It estimated the deficit will be three billion riyals or 12 percent of the country’s gross domestic product. Oman will therefore seek to borrow locally and abroad to finance 84 percent of the deficit, as well as dig into its foreign reserves to cover the remaining 16 percent, the statement said. It projected revenues of around 8.7 billion riyals.

Published: 03-01-2017 09:04

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