Oman endorses 2016 budget, plans OMR11.9bn spending

Mubasher: The Omani Cabinet endorsed the state budget for the fiscal year 2016, which included a target spending of OMR 11.9 billion, while expected revenues stand at OMR 8.6 billion. This means a deficit of OMR 3.3 billion.
The announcement was made on Friday by Minister of Financial Affairs Darwish bin Ismail Ali Al Balushi who also said that the deficit for 2015 is estimated at OMR4.5 billion, according to Oman News Agency.
This year’s expenditure is 15.6% than that of 2015, which was OMR14.1 billion, while revenue estimate declined by 25.86% compared to the previous year’s OMR11.6 billion revenue estimate.