World Economy

Oman Cuts Spending

Oman Cuts SpendingOman Cuts Spending

Oman will cut spending this year by 15.6% in the face of lower oil prices but still face a huge deficit after posting one in 2015, Finance Minister Darweesh Al-Bloushi said, ONA news agency reported. Spending is projected at 11.9 billion riyals ($30.9 billion) in 2016 compared with $36.6 billion, a statement from Al-Bloushi said. Revenues are projected at $22.3 billion, down a massive 26% from 2015, resulting in a deficit of $8.6 billion, ONA said. Oman’s deficit last year was $11.7 billion. Persian Gulf Arab states have been hit hard by a cash crunch due to a 65% drop in oil prices since June 2014.