Buoyant Oil Prices Halve Oman’s Budget Deficit

published:22/07/2018 03:50 GMT

A sharp uptick in crude oil prices, coupled with ongoing fiscal consolidate efforts, has contributed to a significant reduction in Oman’s budget deficit over the first five months of 2018, according to the Central Bank of Oman (CBO). The deficit plummeted to RO 1.095 billion (US$2.851 billion) during the January-May 2018 period, down from RO 2.035 billion (US$5.298 billion) during the corresponding period of 2017, the apex bank stated in a newly published review of banking and monetary...More