Oman to borrow $5-10 billion from abroad to finance budget deficit, says central bank

The governor of the Central Bank of Oman, Hmoud bin Sanjur al-Zedjali. (AFP/Getty Images)

The governor of the Central Bank of Oman, Hmoud bin Sanjur al-Zedjali. (AFP/Getty Images)

Oman plans to borrow between $5 billion and $10 billion from abroad to help finance a budget deficit caused by low oil prices, central bank executive president Hamood Sangour al-Zadjali told Al Arabiya television on Monday.

Zadjali said the government might issue eurobonds by the middle of this year, but did not comment further on the timing of the foreign borrowing.

He also said the government planned to issue 600 million rials ($1.56 billion) of domestic bonds this year, or about 100 million rials every two months. It is currently marketing a 100 million rial, five-year issue with a coupon of 3.5 percent; the bonds will be auctioned on Feb. 16.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudis cut wage, benefit bill in delicate pursuit of austerity

Saudis cut wage, benefit bill in delicate pursuit of austerity

Some Saudis appear prepared to accept austerity following the...

Who audits the auditors?

Who audits the auditors?

DIFC Courts is hearing a case against the Middle East branch...

Saudis tighten their belts for Eid in age of austerity

Saudis tighten their belts for Eid in age of austerity

Gov't cuts, which began late in 2015, are now rippling through...

Most Popular
Most Discussed
sponsoredTracking