Omani sultan approves 2020 budget with deficit of $6.5bn

      Published on Sunday, 5 January , 2020      939 Views     
Omani sultan approves 2020 budget with deficit of $6.5bn

Omani Sultan Qaboos Bin Said has approved the 2020 budget with an expected deficit of 2.5 billion Omani rials ($6.5 billion), the official news agency of Oman reported on Wednesday.

According to the news agency, the government of the Sultanate is to borrow two billion Omani rials ($5.2 billion) from foreign and domestic sources, while it is to fund the remainder, estimated to be  500 million Omani rials ($1.3 billion), from the cash reserves.

The country’s estimated revenues for the 2020 budget were based on the average oil prices of $58 per barrel this year. This makes 10.7 billion Omani rials – a six per cent increase compared to 2019.

According to the news agency, the expenses of the government are expected to increase this year by two per cent or 13.2 billion Omani rials ($34.38 billion).

Oman is considered to be the poorest country among the Gulf States regarding oil resources. It has launched a four-year-plan, covering 2016-2020.

The plan, which includes investments of $106 billion in five years, aims to decrease dependence on oil revenues from 44 per cent to 22 per cent in 2020.

Category Sultan | 2020/01/05 latest update at 4:28 PM
Source : MEMO | Photocredit : Google
Comments Add comment

Gulf Media

Related Articles

The editorial staff of Oman Today would like to give all of its readers from Oman and Gulf and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Oman Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter pages or use our RSS feed channel to always read the most important news about Oman, the Gulf and the world.