Oman seeks to raise $6.2b for 2019:
Oman’s government, whose budget deficit is among the largest of all the sovereigns tracked by Fitch Ratings, will tap capital markets for a fourth straight year to plug a fiscal gap vulnerable to lower oil prices.
The Gulf nation is looking to raise 2.4 billion Omani riyals (Dh22.8 billion, $6.2 billion) internationally and at home, according to a state budget plan published on the Oman News Agency. Borrowing will cover 86 per cent of the country’s 2.8 billion-riyal shortfall, with the remaining 400 million riyals to be drawn from the country’s reserves.
After ending a two-decade absence from international capital markets three years ago, Oman has grown increasingly reliant on borrowing. Debt as a share of gross domestic product more than tripled to near 50 per cent.
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