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FinancialNews
02-01-18
Oman: 2018 budget estimates USD7.8 billion deficit over low oil prices
(MENAFN) Oman's 2018 budget has been implemented on Monday estimating a $7.8 billion shortfall, even though the deficit was confirmed to be declining.
Ever since mid-2014, the crash in oil prices has affected Oman along with other states in the Gulf. Consequently, Oman attempted to shore up prices through taking part in an agreement by oil producers to cut production.
In a statement, the Finance Ministry announced that 2018 revenues are projected at $24.7 billion, marking only a 3% increase compared to last year, with spending estimated at $32.5 billion, reaching a 7% increase.
The ministry also pointed out that crude income is projected to make 70% of total revenues regardless of measures to shrink oil dependence.
MENAFN0201201800450000ID1096297734
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