(MENAFN) Oman's government announced it is not planning to cut government expenditure next year in the case of the fall in oil prices not extending for a too long of a period, Times of Oman reported.
Oman, like its Gulf Cooperation Council (GCC) neighbors, depends heavily on oil revenues which make up 83 per cent of its income, yet the country, in the time being at least said it has no plans to delay any project in its planned in the Five-Year Development Plan
Oman, which is currently building several multi-billion projects including a 2,224-km long national railway, expressways, airports, seaports, sewage network and a refinery, also said that in case oil prices continue to fall, then certain measures might be taken to control the situation.
Oman is planning to use the amassed sufficient surplus which the country saved during the last few years when the oil prices were on the higher side for the sultanate's current investment.
The government said that its expenditure for this year is expected to reach USD34.95 billion, while the revenue will hit USD30.29 billion, resulting in USD4.66 billion of deficit, which will make up 6 per cent of its Gross Domestic product (GDP) and 15 per cent of its total revenues, which is expected to reach USD30.29 billion for this year in total.
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