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Oman 2017 state budget projects smaller deficit, continued austerity
January 1, 2017 / 9:29 AM / 10 months ago

Oman 2017 state budget projects smaller deficit, continued austerity

MUSCAT, Jan 1 (Reuters) - 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. (Reporting by Fatma Alarimi; Writing by Andrew Torchia)

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