Oman's 2017 budget projects smaller deficit

 02 Jan 2017 - 5:43


Muscat: A 2017 state budget plan released by Oman's government yesterday projected a smaller deficit but maintained tight curbs on spending because of low oil prices, which are hurting state revenues.
Government spending this year is projected to total 11.7bn rials ($30.4bn) and revenues 8.7 bn rials, which would result in a deficit of 3bn rials. That compares with the government's original 2016 budget plan of 11.9 billion rials in spending, 8.6bn rials in revenues and a 3.3bn rial deficit.  The actual deficit has turned out to be much bigger than expected this year; it was 4.8bn rials in the first 10 months of 2016, according to official data. The deficit  will be met by way of international borrowing, domestic borrowing  and drawings from State General Reserve Fund.