His Majesty Sultan Qaboos Bin Said has approved the state’s General Budget for the fiscal year 2020.
The 2020 budget will see a drop in the deficit as compared with that of 2019.
Here are 5 key points from the General Budget for 2020:
1) The nation’s budget deficit is at RO2.5 billion and revenue is at RO10.7 billion. However, expenditure is at RO13.2 billion, and Oman will cover up to 80 per cent of its deficits through loans (local and foreign) and 20 per cent through savings.
2) 40 per cent of the country’s expenditure will be on basic social services: health, education, housing, and social security.
3) To provide jobs for Omanis, the government will:
– push for new projects
– private sector investments
– government company projects
– on-job training (apprenticeship)
4. Government companies in the sectors of food, petrochemicals, tourism, logistics, environmental services, and electricity projects will spend around RO2.7 billion in investments which will not be funded by the GDP. This will be through personal sources, loans, and partnerships.
5. Government salaries make up 47 per cent of the country’s expenditure.