FINANCIAL NEWS

Oman to borrow USD10bn from overseas markets

25 Oct 2016

(MENAFN) Oman aims to borrow USD10bn from overseas markets in the coming four years in order to meet budget deficit in the severe fall in oil revenue.

However, a fall in oil prices has caused a large deficit in the budget since last year, while the government has to look for ways to meet these challenges.

Accordingly, between 60-70 percent of the budget deficit will be met by way of external borrowings, while drawings from State General Fund will cut deficit.

The Sultanate’s debt-to-gross domestic product (GDP) ratio is low compared to several developing countries.

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