Oman Budget 2018 puts economy on right track

His Majesty Sultan Qaboos bin Said issued a Royal Decree approving Oman's budget for 2018 on Monday.

Three per cent economic growth forecast in 2018, says the budget statement. Other highlights are given below.

1.        The total public expenditure of the state budget for the year 2018 is estimated to be RO12.5 billion. 

2.      The estimated deficit for the fiscal year 2018 to be RO3 billion and 10 per cent of GDP. The deficit will be financed from internal and external borrowings.

3.       Government companies will be working on various projects in 2018, at the cost of RO3 billion. It will boost economic activities and job creations

4.      The financial allocation for the Year 2018 for the implementation of development projects amounted to about RO1.2 bn 

5.      The largest share was allocated to the sectors of education, health, housing and social welfare – RO3.8 billion.

6.      Total revenues amounted to RO9.5 billion, an increase of three per cent over the actual expected revenues for 2017, oil sector accounted for 70 per cent of oil revenues and 30 per cent of non-oil revenues.

7.      Total public expenditure stated in is RO12.5bn, an increase of RO800 million from the previous year. 

8.     The statement that it the government will continue to implement the privatization program as one of the basic tools to expand the participation of the private sector in owning, financing and management of economic activities. Working on the formalities to privatize six public sector companies in 2018

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