Oman expects a budget deficit of $ 5.7 billion in 2021

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The official Oman News Agency said on Twitter today, Friday, that the Sultanate of Oman expects the 2021 budget deficit to reach 2.2 billion riyals ($ 5.7 billion), and that it plans to borrow from local and global markets to contribute to bridging the gap.

She added that the Sultanate aims to collect about 1.6 billion riyals by borrowing and withdrawing the remaining 600 million riyals from its reserves.

It stated that the new Sultan, Haitham bin Tariq, approved a decree approving the financial plan.

The budget is based on an oil price of $ 45 a barrel, and the government expects government revenues of 8.640 billion riyals this year, down 19 percent from 2020 revenues, according to estimates.

The Sultanate of Oman, rated below the level worth investing by all major credit rating agencies, is facing widening deficits and large debts maturing in the next few years, and is seeking to reduce its dependence on crude oil revenues.

The article Oman expects a budget deficit of $ 5.7 billion in 2021 was written in Al Borsa newspaper.