Oman’s Sultan Qaboos issues decree ratifying state’s 2017 budget
Government spending this year is projected to total 11.7 billion rials ($30.4 billion)
Oman’s Sultan Qaboos bin Said has issued a royal decree ratifying the state budget for 2017 State Budget.
A 2017 state budget plan released by Oman's government on Sunday projected a smaller deficit but maintained tight curbs on spending because of low oil prices, which are hurting state revenues.
Government spending this year is projected to total 11.7 billion rials ($30.4 billion) and revenues 8.7 billion rials, which would result in a deficit of 3 billion rials.
That compares with the government's original 2016 budget plan of 11.9 billion rials in spending, 8.6 billion rials in revenues and a 3.3 billion rial deficit.
The actual deficit has turned out to be much bigger than expected this year; it was 4.8 billion rials in the first 10 months of 2016, according to official data.