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FINANCIAL NEWS
Oman’s budget deficit at USD4.98b in H1
20 Aug 2015
(MENAFN) Data by the Finance Ministry showed that Oman has recorded a budget deficit of USD4.98 billion in the January-June period compared to a USD647 million surplus logged a year ago.
The Gulf state’s 2015 budget plan sees government spending of USD36.49 billion and a deficit of USD6.47 billion, assuming an average oil price of USD75 per barrel, the released data showed.
The deficit was attributed to a plunge of crude prices which caused a serious blow to Oman, which lacks the ample fiscal and hydrocarbon reserves of its wealthier Gulf neighbors.
The World Bank projected earlier in April that the plunge in crude prices could cost GCC countries USD215 billion, or 14 percent of their combined gross domestic product this year.
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