Oman cuts 2016 spending, faces $8.6bn deficit
January 01 2016 05:41 PM
Oman finance minister
Minister Responsible for Financial Affairs Darwish bin Ismail al-Balushi.

AFP/Muscat

Oman will cut spending this year by 15.6% in the face of lower oil prices but still faces a huge deficit after posting one in 2015, Minister Responsible for Financial Affairs Darwish bin Ismail al-Balushi said.

Spending is projected at 11.9bn riyals ($30.9bn) in 2016 compared with $36.6bn, a statement from al-Balushi said.

Revenues are projected at 8.6bn riyals ($22.3bn), down a massive 26% from 2015, resulting in a deficit of $8.6bn, said the statement cited by the official ONA news agency.

Oman's deficit last year was $11.7bn.

Gulf states have been hit hard by a cash crunch due to a 65% drop in oil prices since June 2014.

Most of them have introduced austerity measures, and Oman said on Wednesday it has decided a series of measures to boost non-oil revenues.

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