Oman’s first quarter deficit rises to $2bn

Oman’s first quarter deficit rises to $2bn

Oman’s deficit expanded to OMR751.4m ($2bn) in the first quarter from OMR26.3m in the same period last year, as lower oil prices and the pandemic continued to impact the economy.

Public revenue was OMR1.82bn at the end of March, down 30.5 per cent compared with a year ago, according to the finance ministry. Spending in the same period dropped 2.73 per cent to OMR2.57bn, it said.

The sultanate’s economy is estimated to have shrunk 10 per cent in 2020, according to projections from the International Monetary Fund, among the steepest in the Gulf. Oman’s government is looking to shore up its finances after lockdowns and falling oil prices battered the economy last year.