HM the Sultan ratifies OMR10 billion budget for 2019
January 1, 2019 | 11:25 AM
by Times News Service
File photo

Muscat: His Majesty Sultan Qaboos bin Said has issued a decree authorising the ratification of the state budget for the fiscal year 2019, with a total estimated at just over OMR10 billion.

Also read/ Oman's budget 2019: Strong and fair

The estimated total revenues from the state budget for 2019 is calculated on a base oil price of $58 per barrel, and is valued at around OMR10,100,000,000 (ten billion and one hundred million).

Read here: Main features of 2019 Budget

The total public expenditure is estimated at OMR12,900,000,000 (twelve billion and nine hundred million), an increase of OMR400 million from the estimated expenditure for 2018.

It is estimated that the deficit of the budget of 2019 is about OMR2.8 billion, or 9 per cent of Gross Domestic Product (GDP), where 86 per cent of the budget deficit will be financed through external and domestic borrowing, while the rest of the deficit will be financed through the withdrawal of reserves.

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