Oman's spend­ing for 9th five-year plan to reach 66b Omani riyals

The Pak Banker - - MARKETS/SPORTS -

The to­tal pub­lic spend­ing in Oman's ninth five-year plan (2016- 2020) is ex­pected to reach 66 bil­lion Omani riyals (Dh627.6 bil­lion), ac­cord­ing to the lat­est fig­ures of the Min­istry of Fi­nance.

The to­tal rev­enue is ex­pected to touch 51.1 bil­lion riyals, in­clud­ing 36 bil­lion riyals and 665 mil­lion riyals from the oil and gas sec­tor and 14 bil­lion riyals and 435 mil­lion riyals from non-oil sources, re­ported Oman daily news­pa­per.

The Min­istry of Fi­nance ex­plained that the five-year plan has al­lo­cated 15 bil­lion riyals and 160 mil­lion riyals for govern­ment in­vest­ment over the next five years, which aims at achiev­ing an an­nual growth rate of 3 per cent dur­ing the plan pe­riod.

The plan an­tic­i­pates the av­er­age GDP (gross do­mes­tic prod­uct) growth to reach 28.6 bil­lion riyals for the ninth five-year plan, com­pared to 24.6 bil­lion riyals dur­ing the eighth five-year plan.

More­over, strong growth in the nonoil ac­tiv­i­ties is ex­pected as Oman is work­ing hard to di­ver­sify its econ­omy amid the oil slide, ac­cord­ing to the Min­istry of Fi­nance.

The av­er­age an­nual tar­geted in­vest­ment for the plan, which in­cludes govern­ment in­vest­ments in the pri­vate sec­tor, is ex­pected to reach 28 per cent of the to­tal GDP, while the to­tal in­vest­ment of the plan stands at 41 bil­lion riyals, com­pared to 38 bil­lion eighth five-year plan.

Mean­while, the 2016 Gen­eral Bud­get fo­cuses heav­ily on aus­ter­ity mea­sures in­clud­ing min­is­ters' cars.

The new bud­get projects 3.3 bil­lion Omani riyals in deficit spend­ing for 2016, which it says, it will try to re­duce by im­prov­ing the non-oil rev­enues as well as cut­ting ex­pen­di­ture. Oman posted a bud­get deficit of 4.5 bil­lion riyals in 2015 as rev­enues de­clined by more than 50 per cent. The 2016 gen­eral bud­get aims to stim­u­late eco­nomic growth through con­tin­ued de­vel­op­ment spend­ing on eco­nomic and so­cial pri­or­ity projects and to pro­vide the nec­es­sary sup­port to fur­ther pri­vate sec­tor in­vest­ments.


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