January 1, 2020 / 8:31 AM / 21 days ago

Oman 2020 budget increases spending to $34.4 bln, sees deficit at 8% of GDP

DUBAI, Jan 1 (Reuters) - Oman’s government expects to increase spending this year by 2% to 13.2 billion rials ($34.38 billion), its state news agency (ONA) said on Wednesday.

The government also expects a deficit of 2.5 billion rials, or the equivalent of 8% of the gross domestic product (GDP).

Some 80% of the deficit will be funded through external and domestic borrowing, while the remainder will be funded by drawing from reserves.

Revenues are estimated at 10.7 billion rials, assuming an average oil price of $58 per barrel this year.

$1 = 0.3840 Omani rials Reporting by Tuqa Khalid, editing by Louise Heavens

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