Oman increases 2019 budget spending to RO12.9bn, assumes lower deficit at RO2.8bn
Oman's government announced the state budget for the year 2019 on Tuesday increasing total spending to RO12.9bn for the year which is RO400mn higher compared to total expenditures of RO12.5 estimated in 2018 budget.
His Majesty Sultan Qaboos bin Said on Tuesday issued a Royal Decree for the ratification of the general budget of the state for fiscal year 2019.
The sultanate's 2019 budget, which is based on an oil price assumption of US$58 per barrel, estimates total revenues of RO10.1bn.
The budget estimates a deficit of RO2.8bn for this year, which is lower than RO3bn deficit estimated in 2018 budget.
As per the announcement, nearly 86 per cent of the RO2.8bn budget deficit will be financed through external and domestic borrowings while remain 14 per cent deficit will be covered through the withdrawal from reserves.
Oman reduced its budget deficit by more than 36 per cent to RO2.04bn in the first ten months of the year against a budget shortfall of RO3.2bn for the same period of last year, official figures published by the National Centre for Statistics and Information (NCSI) showed.