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FINANCIAL NEWS
Oman’s budget deficit at USD4.65b so far this year
25 Aug 2015
(MENAFN) According data provided by the Ministry of Finance Oman has run a USD4.65 billion budget deficit so far this year, while the approved deficit for 2015 budget stands at USD6.46 billion.
The figure represented an increase of 38.9 percent compared to last year. Moreover, Oman’s sovereign wealth fund (SWF) has assets of USD13 billion, far smaller than other Gulf SWFs.
Oman and Bahrain are the most vulnerable Gulf countries due to a prolonged slump in the oil prices, attributed this to the low fiscal reserves and lack of economic diversification.
Ministry of Finance data showed allocations for government wages and salaries amounting to USD3.87 billion, including USD9.05 million as pension payments for retired ministers.
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