FINANCIAL NEWS

Oman to boost spending 11% in 2011 budget

28 Sep 2010

(MENAFN) An official at the Omani government said that Sultanate is planning to raise spending by 11 percent in its 2011 budget to push ahead with infrastructure and development projects, Reuters reported.

The non-Opec oil producer’s spending was set at $18.7 billion for 2010, but Oman overshot its original spending plans in the past two years to help its economy ride out the global financial downturn.

He also said the government was considering basing its 2011 budget on an average oil price of $55 per barrel.

Oman based the 2010 budget on a $50 per barrel price but sold its oil at an average of $77.57 a barrel in the first half of the year. Its budget surplus widened to $1.8 billion at the end of June, data showed in August.

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