IMF chief tells Oman time make 'urgent' progress on cutting subsidies | The National:
"Oman needs to make “urgent” progress on cutting subsidies and raising taxes if it is to secure its fiscal future, the IMF mission chief to the country said in an interview.
“The urgency for implementing fiscal reforms has increased,” Ananthakrishnan Prasad told The National. “Previously there was a long-term fiscal sustainability issue. Now there’s the additional challenge of financing double-digit fiscal deficits as a share of GDP over the medium term.”
Oman is set to run a fiscal deficit of 15 per cent this year and 17 per cent in 2016 as the low oil price eats into export earnings and blows a hole in the country’s budget. The country also ran a narrow deficit last year."
'via Blog this'
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