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FINANCIAL NEWS
Oman’s subsidy to reach USD7.27b in 2015
20 Jul 2015
(MENAFN) The Sultanate of Oman’s total subsidies will touch USD7.27 billion this year, driven by growing energy consumption, the International Monetary Fund (IMF) reported in a study, Times of Oman reported.
This is against a subsidy estimate at USD4.64 billion for 2015 in the state budget and an actual subsidy of USD4.36 billion in 2014, which indicated a fall of 17.11 percent over last year.
The Sultanate, which has a population of 4.23 million, will achieve a nominal gross domestic product of USD81.64 billion in 2015, the IMF study noted.
The Oman government has been contemplating withdrawing fuel subsidies for the last few years, but no decision has been yet taken due to its far-reaching implications on the entire society.
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