Muscat: Sultan al Habsi, Minister of Finance, has said that the government is currently re-examining the pricing of electricity and water services.Speaking at the Budget 2022 briefing, he said the revised price will be announced later.He said the decision to remove the subsidy will not be canceled, but what is being studied is extending the deadline for the.
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The International Monetary Fund forecast that Oman’s non-oil gross domestic product will grow by 1.5 per cent this year and could improve to 4 per cent by 2026 if fiscal measures are successfully carried out.
The sultanate introduced a Medium-Term Fiscal Adjustment Plan that aims to boost non-oil revenue and various other public sector reforms to fuel economic growth, the lender said at the end of its online mission to the Gulf country from January 17 to 31.
“Steady implementation of fiscal adjustment plans would strengthen fiscal and external balances substantially over the medium term,” the IMF said.
However, medium-term fiscal consolidation would weigh on growth, it said.
By Reuters Staff
3 Min Read
DUBAI (Reuters) - Oman expects its public debt to reach around 21.7 billion rials ($56.37 billion) by the end of 2021, with international borrowing making up 76% of total public debt, a finance ministry document showed.
That would mean a rise of about 23% since end-2019, when the figure stood at 17.6 billion, according to a government bond prospectus.
Oman expects a 2021 budget deficit of 2.24 billion rials as public spending of 10.88 billion tops revenue of 8.64 billion, the finance ministry document showed.
To make up the shortfall the government aims to raise about 1.6 billion through borrowing and draw 600 million from its reserves.
Oman expects its public debt to reach around 21.7 billion rials ($56.37 billion) by the end of 2021, with international borrowing making up 76% of total public debt, a finance ministry document showed.