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Tue 1 Jan 2019 05:35 PM

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Oman approves increased budget based on $58 per barrel

Budget increased by $1bn from last year

Oman approves increased budget based on $58 per barrel
The budget deficit for the coming year is estimated to be $7.2bn (OMR2.8bn) with 86 percent of the shortfall to be financed through external and domestic borrowing.

Oman’s government approved a 2019 budget of $33.5 billion (OMR12.9bn), $1bn (OMR400m) more than its 2018 projected figure.

The sultanate’s budget was based on an oil price assumption of $58 per barrel, with estimated total revenues of $26bn (OMR10.1bn).

The budget deficit for the coming year is estimated to be $7.2bn (OMR2.8bn) with 86 percent of the shortfall to be financed through external and domestic borrowing. The remainder of the deficit will be financed through the withdrawal of reserves.