MUSCAT: His Majesty Sultan Haitham Bin Tarik on Friday approved the Tenth Five-Year Development Plan (2021-2025) and the state’s general budget for the fiscal year 2021.
In a statement issued by the Oman News Agency said the total estimated expenditure for the year will be OMR 10.88 billion, while revenues will be OMR 8.64 billion and the projected deficit is OMR 2.24 billion.
According to the details, the budget is based on an average oil price of $45 per barrel.
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The deficit for 2020 is expected to be RO4.2 billion. “It is estimated that the 2021 budget deficit will reach about OMR2.24 billion, at the rate of 8% of the GDP, provided that 73 percent of the deficit, around OMR1.6 billion is financed through external and domestic borrowing. The remaining deficit, estimated at OMR600 million will be financed through withdrawal from reserves.
