Oman projects a budget deficit in 2018

AFP, MUSCAT: Oman adopted on Monday its 2018 budget projecting a deficit of $7.8 billion due to low oil prices, but said the shortfall is declining.

Like other energy-rich Gulf states, Oman was hit hard by the slump in oil prices since mid-2014 and joined an agreement by oil producers to cut production in a bid to shore up prices.

Revenues in 2018 are estimated at $24.7 billion, up just three percent on last year, with spending projected at $32.5 billion, seven percent higher, according to a statement by the finance ministry.

Despite measures to reduce dependence on oil, income from crude is estimated to account for 70 percent of total revenues, the ministry said.

 

Oman projects a budget deficit in 2018

AFP, MUSCAT: Oman adopted on Monday its 2018 budget projecting a deficit of $7.8 billion due to low oil prices, but said the shortfall is declining. Like other energy-rich Gulf states, Oman was hit hard by the slump in oil prices since mid-2014 and joined an agreement by oil producers to cut production in a bid to shore up prices. Revenues in 2018 are estimated at $24.7 billion, up just three percent on last year, with spending projected at $32.5 billion, seven percent higher, according to a statement by the finance ministry. Despite measures to reduce dependence on oil, income from crude is estimated to account for 70 percent of total revenues, the ministry said.