Oman Cuts Spending
World Economy

Oman 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.


Short URL : http://goo.gl/jt7bZi
  1. http://goo.gl/Ypkeqh
  • http://goo.gl/J8b93E
  • http://goo.gl/7Ro076
  • http://goo.gl/ideKg4
  • http://goo.gl/N0NhTE

You can also read ...

All three sides can’t agree on a few key issues.  Top of the list: The manufacturing of cars.
No meaningful progress is being made in NAFTA trade talks...
IMF Cautions Kenya on Rising Debt
The International Monetary Fund has cautioned that Kenya’s...
The rules say that EU countries should have budget deficits below 3% of GDP and public debt below 60% of GDP.
National budgets of six eurozone countries may break the...
AT&T-Time Warner Merger Case Politically Motivated
The US Justice Department’s lawsuit to block AT&T’s $85...
Gold Inches Up as Dollar Dips
Gold prices crept up on Wednesday amid a softer dollar, with...
Credit Tightening Dominoes Threaten Asia With Hidden Risks
With Asia’s economies humming along, consumer prices rising...
Mexico Boosts Minimum Wage
The bittersweet news for Mexico’s poorest workers: the...
UK Slashes Growth Projections
Britain slashed its official projections for economic growth...