A surge in oil prices is expected to widen Oman’s fiscal surplus through 2011 despite a sharp increase in spending following new jobs and pay rises for national civil servants, according to official figures.
The country, which is not an OPEC member, had projected a shortfall of RO850 million ($2.2 billion) when it announced its record 2011 budget early this year.
But it massively revised up the gap to RO1,850 million ($4.8 billion) after Sultan Qaboos approved new jobs and hefty pay rises for Omani government employees in response to demands during unrest in two months ago.
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