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FINANCIAL NEWS
Oman set to issue USD518m sovereign debt
12 Apr 2012
(MENAFN) Oman’s central bank governor Hamood Sangour al-Zadjali said that his country may issue USD518 million sovereign debt, reiterating the excellence of the Gulf state’s economy, Reuters reported.
Oman, whose debt to GDP is forecast by the IMF to be the lowest in the Gulf at 3.2 percent this year, has only issued small amounts of development bonds in the past.
He expected GDP to grow by 5 percent this year, while inflation is under control between 3.5 percent and 4 percent.
The small non-Opec crude oil producer had a budget surplus of USD2.8 billion last year. Oman’s banking sector is expected to grow at least 10 percent this year, similar to last year’s growth.
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