Mubasher: Sultan Qaboos bin Said on Tuesday has approved Oman’s budget for fiscal year 2019 at an estimate of OMR 10 billion ($25.98 billion).
Total revenues for the 2019 budget are estimated at nearly OMR 10.1 billion ($26.24 billion) based on a base oil price of $58 per barrel (pb), while total expenditures are estimated at about OMR 12.9 billion ($33.52 billion), up by OMR 400 million (OMR 1,039 million) from the previous year, according to local newspaper Times of Oman.
The 2019 budget deficit is expected to stand at OMR 2.8 billion ($7.27 billion), representing 9% of the GCC nation’s gross domestic product (GDP).
Oman, the biggest Arab producer outside of the Organization of Petroleum Exporting Countries (OPEC), is to finance 86% of its state budget deficit through foreign and local borrowing.
