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Monday, 24 October 2016

Oman to cover two-thirds of budget deficit with foreign debt | The National

Oman to cover two-thirds of budget deficit with foreign debt | The National:

"Oman’s government is covering between 60 and 70 per cent of this year’s budget deficit via international borrowing such as eurobond issues, direct placements of debt and other instruments, the central bank’s executive president said.

The rest of the deficit will be financed locally by drawing down financial reserves, such as money held by the State General Reserve Fund, a sovereign fund, and issues of bonds, Hamood Sangour Al Zadjali told an economic conference on Monday.


The reliance on international financing is a big shift for Oman, which has seen its state finances severely damaged by low oil prices. Earlier this year, the government returned to the international bond market for the first time in two decades."



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