MUSCAT, Apr 20 (NNN-ONA) – The Omani Ministry of Finance, revealed on Sunday, that, it aims to reduce the estimated spending for the current year by about 500 million Omani riyals (1.3 billion U.S. dollars), it was reported.
From the beginning of this year, the ministry has issued 13 financial circulations, and a number of directives, to government bodies, to reduce the amount of public spending in the state’s general budget for 2020.
The measures taken by the ministry aim to reduce public spending, to deal with the sharp drop in oil prices, to achieve financial sustainability and stability.
The estimated budget of the country for the current year is based on expected revenues of 10.7 billion riyals, and an estimated spending of 13.2 billion riyals, with an expected deficit of 2.5 billion riyals.– NNN-ONA
