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FinancialNews


  • 20-04-20

    Oman to reduce estimated spending for current year by USD1.3 billion

    (MENAFN) The Omani Ministry of Finance aims to decrease the projected spending for the recent year by USD1.3 billion, as it said on Sunday.


    From the start of 2020, the ministry has released 13 financial circulations and a number of directives to government bodies to cut the number of public spending in the state's general budget for this year.

    The actions taken by the ministry aim to decrease public spending to cope with the sharp fall in oil prices to achieve financial sustainability and steadiness.

    The projected budget of Oman for the recent year is based on projected income of 10.7 billion riyals, and a projected spending of 13.2 billion riyals, with a likely shortfall of 2.5 billion riyals.

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