Oman announce 2020 budget with RO2.5bn in deficit

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هذه الصفحة متوفرة بهذه اللغة: العربية

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1 Jan 2020

Muscat (WAF): Sultan Qaboos bin Saeed issued a decree approving Oman’s budget for the year 2020, which is built on a conservative basis for an average oil price of $ 58 per barrel, is expected to see 2.5 Omani Rials in deficit.

According to the approved budget, the estimated revenue is 10.7 billion Omani Rials, and the estimated spending is 13.2 billion Omani Rials. The RO2.5bn estimated deficit for the year 2020, is 10.7% lower than the estimated deficit of 2.8 approved in 2019.

According to the approved budget, Oman will cover RO2bn through external and domestic borrowing, and the withdrawal of RO500 million from the reserves.

“The Sultanate expects that the actual deficit for the fiscal year 2019 will amount to approximately RO2.6bn compared to the estimated deficit in the approved budget of RO2.8bn,” Khalid al-Busaidi the spokesman of the Financial Affairs and Energy Resources Council and an official at the Ministry of Finance said in the annual gathering held to highlight Oman 2020 budget.

The average oil price for 2019 was $ 65 per barrel, compared the based on $ 58 per barrel. The higher price resulted in an additional RO825mn in oil revenues, a RO140mn in gas revenues, and additional RO335 in non-oil revenues.