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FINANCIAL NEWS
Oman records USD935.2m budget deficit in 2014
29 Mar 2015
(MENAFN) Omani government logged USD935.2 million budget deficit in 2014, compared to a USD692.72 million surplus in 2013 due to increased crude oil prices, Times of Oman reported.
The deficit, which is lesser than the projected USD4.66 billion deficit, was ensued by an increase growth in public expenditure to fund infrastructure projects, in addition to the fall in crude prices.
As a result, Oman’s total revenue decreased from USD36.83 billion to USD35.36 billion and total public expenditure was logged at USD36.32 billion in 2014, compared to USD36.13 billion in 2013.
The Omani government predicted that the budget deficit would be shielded by domestic borrowing, surplus from the previous budget and transfer from general reserves.
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