Oman expects to have a 2021 budget deficit of about 2.2 billion rials ($5.7 billion), and plans to borrow from domestic and international markets to help plug the gap, according to a Twitter posting on Friday by the state-run Oman News Agency.
For all the latest headlines follow our Google News channel online or via the app
The country aims to raise about 1.6 billion rials through borrowing and draw the remaining 600 million rials from its reserves, it said, adding that new ruler Sultan Haitham bin Tariq al-Saidhad ratified a decree approving the fiscal plan.
The budget is based on an oil price of $45 a barrel and the government expects state revenues of 8.640 billon rials this year, a decrease of 19 percent on estimated revenues for 2020.
Oman, rated sub-investment grade by all major credit rating agencies, faces a widening deficit and large debt maturities in the next few years, and is trying to reduce its dependence on crude oil revenues.
- Coronavirus: More than 270,000 expatriate workers left Oman this year
- Coronavirus: Oman to reopen land, air, sea ports on December 29
- Coronavirus: Oman launches national COVID-19 vaccine campaign
- Oman to start cutting utility subsidies in January
- Three bidders for Omantel’s towers deal worth over $500 mln
- Coronavirus: Oman to give visa-free 10-day entry to 103 countries to boost tourism