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FINANCIAL NEWS
Oman plans to increase 2013’s budget expenditure by 10%
28 Sep 2012
(MENAFN) The Sultanate of Oman plans to increase its budget expenditure for next year by 10 percent compared to 2012’s plan, according to an official, reported Arabian Business.
The official said that the aim of the move is to finance new infrastructure projects, including airports, ports, roads, hospitals, as well as other projects in the energy sector.
The Sultanate has endorsed expenditure of USD26 billion for the current year with a shortfall forecast of USD3.10 billion, based on an assumed oil price of USD75 per barrel.
The country’s 2013 budget plan would be based on oil price of USD85 per barrel, with a deficit of the same size of this year’s, however, as oil prices are more than USD110 per barrel at the current time, Oman is expected to post a comfortable surplus in 2012.
It is worth noting that in the first 6 months of the year, Oman posted a budget surplus of USD5.17 billion.
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