Oman’s First Quarter Deficit Rises to 751.4 Million Rials

Oman’s deficit expanded to 751.4 million rials ($2 billion) in the first quarter from 26.3 million rials in the same period last year, as lower oil prices and the pandemic continued to impact the economy.

Public revenue was 1.82 billion rials at the end of March, down 30.5% compared with a year ago, according to the finance ministry. Spending in the same period dropped 2.73% to 2.57 billion rials, it said.

The sultanate’s economy is estimated to have shrunk 10% in 2020, according to projections from the International Monetary Fund, among the steepest in the Gulf. Oman’s government is looking to shore up its finances after lockdowns and falling oil prices battered the economy last year.

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