MUSCAT: The Ministry of Finance said it expects the financial deficit by the end of 2020 to amount to OMR 4 billion compared to OMR 2.5 billion that is budgeted, Oman News Agency (ONA) reported.
According to the statement issued to ONA, the finance ministry said it expects that average annual oil price for this year (2020) will be $45.
It is worth noting that the government took several measures to alleviate the impact of sharp decline in international oil prices and to ensure adapting to financial situations associated to coronavirus (Covid-19) pandemic. The procedures included restructuring spending priorities and increasing revenues from an exceptional,
non-recurring privatization operation.
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“The ministry is also considering more procedures as deemed appropriate in accordance with global economic and financial developments and their impact on the Sultanate,” the statement added.
