Oman budget deficit grows to $12.5 billion

MUSCAT: Oman’s government posted a budget deficit of 4.81 billion rials ($12.5 billion) in the first 10 months of 2016 compared with a deficit of 3.26 billion rials a year earlier, as low oil export prices hit its revenues, provisional Finance Ministry data showed yesterday. The government’s original 2016 budget plan envisaged state expenditure of 11.9 billion rials and revenues of 8.6 billion. Officials said their 2016 economic plans assumed an average oil price of $45 a barrel.