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FINANCIAL NEWS
Oman’s budget deficit hits OMR4.37b
24 Oct 2016
(MENAFN) Oman’s budget deficit for the Jan-August period of this year reached 63 percent or OMR4.37bn, as falling crude oil export profits affected the government”s fiscal balance.
Furthermore, deficit for the recent year is high due to the average crude oil price was low in the first half, while it is now close to USD50 per barrel.
Meanwhile, the government has to give a huge scope for the private sector to enhance investments, which will help the economic growth and reshape the structure of economy.
In addition, the sultanate’s net oil revenue for the cited period plunged by 43.6 percent to OMR2.126mn from OMR3.770mn for the same period of 2015.
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