Mubasher: Oman's government plans to cut its budget deficit to OMR 3.3 billion ($8.6 billion) this year from an actual OMR 4.5 billion in 2015, through big spending cuts, said Financial Affairs Minister Darwish Al-Balushi.
Oman has been hit hard by low oil prices. The government originally projected a deficit of OMR 2.5 billion for last year, assuming an average oil price of $75 per barrel, but Brent crude is now below $40.
Balushi estimated state spending this year at OMR 11.9 billion, a big drop from last year's original budget of OMR 14.1 billion, and revenues at OMR 8.6 billion, official news agency ONA reported.
