Oman 2020 budget increases spending to $34.4 bln, sees deficit at 8 pct of GDP

Oman 2020 budget increases spending to $34.4 bln, sees deficit at 8 pct of GDP

Oman’s government expects to increase spending this year by 2 percent to 13.2 billion rials ($34.38 billion), its state news agency (ONA) said on Wednesday.

The government also expects a deficit of 2.5 billion rials, or the equivalent of 8 percent of the gross domestic product (GDP).

Some 80 percent of the deficit will be funded through external and domestic borrowing, while the remainder will be funded by drawing from reserves.

Revenues are estimated at 10.7 billion rials, assuming an average oil price of $58 per barrel this year.

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