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Tuesday 19 Jan 2016 - 10:46 Makkah mean time-9-4-1437
Minister Responsible for Financial Affairs Al Balushi (Image from Internet)
Muscat (IINA) – Oman’s government on Monday signed a $1 billion loan agreement with 11 international banks, including two regional banks, to partly fund an OMR 3.3 billion deficit in the state budget, Times of Oman reported.
This is part of a major plan of the Ministry of Finance to meet the state's budget deficit through a medium-term financial plan.
Of the total estimated deficit of OMR 3.3 billion for 2016, OMR 600 million will come from net grants, OMR 900 million from foreign borrowing, OMR 300 million from domestic borrowing, and OMR 1.5 billion from general reserves.
Minister Responsible for Financial Affairs Darwish bin Ismail Al Balushi said the participation of such a large number of banks reflected the trust of global banking institutions in the strength and resilience of Oman’s economy and its positive outlook.
AB/IINA
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