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FINANCIAL NEWS
Oman raises USD2.5bn to meet budget deficit
19 Jun 2016
(MENAFN) Oman raised USD2.5bn in a bond sale organized by five global banks in order to meet its budget deficit resulting from low oil prices.
Moreover, Oman sold USD1bn in bonds to mature in five years at an interest rate of 3.625 percent and a 10 year issue worth USD1.5bn.
Additionally, the Sultanate is aiming a budget deficit of USD8.6bn this year after recoding a shortage of USD11.7bn in 2015.
However, Gulf States have been hit hard by a cash crunch due to a 60 percent fall in oil prices in the past two years.
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