Oman releases details of general budget

Oman releases details of general budget

Muscat: The Sultanate has announced the details of the state's general budget with an estimated deficit of OMR 2.2 billion and a decrease in revenues and expenditures by more than 10 per cent.The total estimated revenues of the state's general budget for the year 2021, which were calculated on the basis of the price of oil at 45 dollars per barrel, amounted to about OMR 8.64 billion, a decrease of 19 per cent from the estimated revenues for the year 2020.Total public spending was estimated at OMR 10.880 billion, with a decrease of 14 per cent from the estimated spending for the year 2020.It is estimated that the 2021 budget deficit will reach about OMR 2.2 billion, or 8 per cent of the GDP, provided that 73 per cent of the deficit, or OMR 1.6 billion, will be funded through external and local borrowing.While the remaining deficit, estimated at OMR 600 million, will be financed through withdrawal from reserves.