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FINANCIAL NEWS
Oman to curb spending
02 Apr 2013
(MENAFN) Oman’s finance minister, Darwish al-Balushi, stated that Oman is not forecasted to increase spending in 2013, and is curbing expenditure each year, reported Arabian Business.
Al-Balushi said that the decision comes as most of the country’s spending was earmarked for infrastructure projects, however, as Oman has completed nearly all of the needed projects, spending will be reduced.
He noted that this year’s budget covers all the expenditure needed to maintain the projected growth.
The minister also noted that the Sultanate’s spending relies on oil prices and the country’s oil output.
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