Mubasher: Oman’s Government is currently preparing to issue more (now working on a number of) procedures including expenditure rationalization and reviewing the service fees given by the state, in an attempt to face the country’s budget deficit that reached OMR 2.7 billion (around $7 billion) in the first eight months of 2015, according to top official.
Nasser Bin Khamis Al-Jashmi, undersecretary of the Omani Ministry of Finance, saidthat oil is still a large proportion of state revenues with 75%, and any drop in prices will affect the country’s revenues, a statement to the Oman News Agency showed.
“What have been reached through the non-oil sector doesn’t compensate for the big fall in oil revenues, especially given the narrow economic base of the sultanate,” he added.
Mohammed Jawad bin Hassan, adviser at the Ministry of Commerce and Industry, also agreed that the decline in oil prices for long periods will have a great impact on the country’s general budget and the non-oil revenue in particular.
