UPDATE 1- #Oman slows spending growth in 2019 budget, may not cut deficit | Reuters

UPDATE 1-Oman slows spending growth in 2019 budget, may not cut deficit | Reuters:

Oman’s government released a 2019 state budget on Tuesday that slows spending growth but may not cut a big deficit that has caused international rating agencies to downgrade its debt to junk status.

Spending this year is projected at 12.9 billion rials ($33.5 billion), up from 12.5 billion rials in the original budget for 2018. That implies spending growth of about 3 percent, compared to nearly 7 percent in the 2018 budget.

Revenues are estimated at 10.1 billion rials, assuming an average oil price of $58 per barrel this year; that would leave a 2019 budget deficit of 2.8 billion rials, or 9 percent of gross domestic product.