Oman projects deficit of USD6.47b in 2015

02 Jan 2015

(MENAFN) Oman’s Finance Ministry announced the state budget for 2015 which set the government expenditure at 14.1 USD36.6 billion, increasing by 4.5 percent from last year’s original plan

The sultanate’s revenues are projected at USD30.03 billion, a decrease by 1 percent, resulting in a deficit of USD6.47 billion, equivalent to about 8 percent of Oman’s annual gross domestic product (GDP).

The ministry said that the country would look at a range of ways to cover the deficit, which could include grants from foreign donors that could provide USD517.81 million, international loans, borrowing from the local market at USD1.03 billion, state reserve funds USd1.81 billion, in addition to last years’ surpluses of USD2.5 billion.

The government has been spending heavily to build industrial projects and infrastructure to diversify the economy beyond oil, which accounts for about four-fifths of revenues, and said that these plans would continue despite the continuous fall in oil prices.

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