Oman's total budget spending falls by 5.8pct

(MENAFN) Whole budget spending in Oman dropped to 5.8 percent to OMR12.91bn last year, according to the Central Bank of Oman's annual report.

Meanwhile, the financial deficit reached OMR5.300mn last year, compared with OMR4.361.4mn in 2015; fiscal deficit as a percentage to GDP increased to 20.8 percent.

Last year, fiscal deficit was financed amid a mix of instruments, almost 73 percent through external loans and the remaining amid drawing down from reserves.

The whole government revenue fell by 16.1 percent to OMR7.609.2mn in 2016 due to a substantial fall in oil revenues.

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