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  • 13-08-12

    Oman plans to spend USD1b to create jobs

    (MENAFN) An Omani finance ministry official unveiled plans to spend USD1 billion from the country's better than expected crude oil revenues on job creation over the next 12 months, Reuters reported. Earlier this month, the Sultanate's government said its revenues jumped by 35 percent to USD19.1 billion in the first half of this year, over higher oil prices and output. As a result, Oman's surplus grew four-fold to USD4.17 billion in the period, compared to a year earlier. The official did not give details on how the cash would be spent, or whether the jobs created would be government posts or private sector jobs. The Sultanate saw the angry public about limited access to jobs go out in sporadic street protests since early last year. The government says that through state spending and economic policies, it has created over 50,000 jobs between May last year and June this year. Unemployment rate among Omani nationals was 24.4 percent in 2010, according to the International Monetary Fund (IMF), whom acknowledged its number for unemployed might include many people who were not truly looking for work. The IMF also estimated some 45,000 new private sector positions for Omanis would be needed each year to absorb new labor force entrants and cut unemployment significantly.

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