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.
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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.
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).
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.
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