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FINANCIAL NEWS
Oman’s total debt stands at OMR7.4bn
03 Jan 2017
(MENAFN) The Sultanate’s debt to gross domestic product (GDP) ratio has increased to 29 percent, a higher borrowing rate to manage the budget deficit.
Accordingly, the total outstanding debt of the country reached an all-time high of OMR7.4bn, or 29 percent of the GDP by the end of 2016.
Meanwhile, the Sultanate aims to borrow OMR2.1bn from the overseas market and another OMR400mn from the local market this year to meet its OMR3bn.
Last year, the government relied on borrowing from external sources to avoid crowding out the private sector and allow it to meet its financing needs.
M
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