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FINANCIAL NEWS
Oman’s deficit drops at RO4.55bn
22 Nov 2016
(MENAFN) Oman’s budget deficit recorded a decline in Sep for the first time since Feb 2015, on the back of slash in expenses and increase in the average crude prices.
Accordingly, the total fiscal deficit at the end of the third quarter of this year reached RO4.552bn against RO4.371bn a month ago.
Moreover, the government move to reduce spending and increase taxes coupled with a rise in income from oil are finally paying off.
However, Sep witnessed the lowest level of deficit rise at RO181mn, whereas oil price averaged USD38.3 for the Jan-Sep period.
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