Its economy battered by low oil prices and COVID, Oman plans to finance the majority of its budget shortfall in 2021 by borrowing.

Oman based its 2021 budget plan on an oil price of $45 per barrel [File: Christopher Pike/Bloomberg]

Oman’s government will finance most of its budget shortfall in 2021 by borrowing to plug a fiscal gap battered by a decline in oil prices and the coronavirus pandemic.

The Persian Gulf state is looking into borrowing that will cover 73%, or 1.6 billion rials ($4.2 billion), of the country’s 2.2 billion-rial shortfall, with the remaining 600 million rials to be drawn from its reserves, according to a post on Twitter by the state-run Oman News Agency on Friday. The

Read More At Article Source | Article Attribution