Oman's Minister of Finance, Sultan bin Salem Al Habsi, indicated that “the Sultanate of Oman has introduced a new item in the 2021 budget under the name “Debt Repayment Allowance” in the amount of 150 million Omani riyals ($ 389.62 million) to cover part of the future loan installments”, he explained that "it is planned to increase this provision during the financial framework of the tenth five-year plan (2021-2025) to reach $ 1.56 billion."
In another context, Al Habsi revealed the solution of the Sultanate of Oman "Oman Aviation Group" and "Transom Company", Where it was decided to redistribute its subsidiaries and their tasks to Oman Air and Oman Airports Management Company, as part of the role of the Oman Investment Authority to restructure government companies and rationalize spending.
In parallel, the Sultanate of Oman expects that the budget deficit for the current year 2021 will reach 2.2 billion riyals ($ 5.7 billion), while the Sultanate plans to borrow from local and international markets to contribute to bridging the gap. The Sultanate also aims to raise about 1.6 billion riyals by borrowing and withdrawing the remaining amount of 600 million riyals from its reserves, and Sultan Haitham bin Tariq approved a decree approving the financial plan.
The budget is based on an oil price of $ 45 a barrel, and the government expects government revenues of 8.640 billion riyals this year, a 19 percent decrease compared to the revenues of the past 2020.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
