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FINANCIAL NEWS
Oman needs to cut spending to sustain budget: IMF
13 Jun 2013
(MENAFN) The International Monetary Fund (IMF) stated that Oman needs to cut its spending and boost non-oil revenue in the medium term to keep its fiscal balance sustainable, reported Arabian Business.
The IMF also said that it recommended an initial adjustment of 1 percent of gross domestic product (GDP) this year by reducing goods and services spending as well as keeping an eye on the planned increase in workforce.
Oman, a non-OPEC oil exporter, increased its planned budget spending by around 20 percent to USD33.5 billion in 2013 compared to last year’s plan, in part due to street protests demanding jobs and action against corruption in 2011.
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