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FINANCIAL NEWS
Oman to boost spending by 26%
09 Jan 2012
(MENAFN) Oman’s finance minister, Darwish al-Balushi, said that in order to create jobs and improve living standards, by 2015, the government would increase budget spending by 26 percent, reported Arabian Business.
Al-Balushi added that the government would spend USD139.7 over 5 years, compared with previous plans to spend USD112 billion, as more obligations were added.
He also said that Oman’s 5-year spending plans were usually evenly distributed; however, he didn’t specify how much money would be injected into its oil-reliant economy each year.
It is worth noting that in April, Sultan Qaboos bin Said promised USD2.6 billion in additional spending and announced plans to create 50,000 new jobs to resolve social tensions.
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