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Mon 8 Aug 2016 02:53 PM

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Oman gov't posts $6.6bn budget deficit in first 5 months of 2016

Oman is imposing a series of austerity measures as it looks to plug gap between expenditure and revenue

Oman gov't posts $6.6bn budget deficit in first 5 months of 2016

Oman's government has posted a budget deficit of 2.54 billion rials ($6.6 billion) in the first five months of 2016.

This compares to a deficit of 1.60 billion rials a year earlier, as low oil export prices slashed its revenues, provisional Finance Ministry data cited by Reuters showed.

The government's original 2016 budget plan envisaged state expenditure of 11.9 billion rials and revenues at 8.6 billion rials. Officials said their 2016 economic plans assumed an average oil price of $45 a barrel.

Oman is imposing a series of austerity measures after it posted a budget deficit of about 4.5 billion rials last year. Gasoline and diesel price subsidies have been cut and similar cuts are planned for electricity and liquid petroleum gas.

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