Oman’s government expects to increase spending modestly this year under a 2019 state budget released on Tuesday, an official statement said.
In the state budget for 2019, total spending will increase to 12.9 billion Omani rials (Dh123.21bn) for the year - a rise of 400 million rials compared to 12.5bn rials announced in the 2018 budget.
The 2019 budget estimates a deficit of 2.8bn rials for this year, lower than 3bn rial deficit estimated in 2018.
Sultan of Oman Qaboos bin Said issued a Royal Decree for the ratification of the general budget of the state for fiscal year 2019.
The sultanate's 2019 budget, which is based on an oil price assumption of $58 per barrel, estimates total revenues of 10.1bn rials, Reuters said.
According to the government, around 86 per cent of the 2.8bn rial budget deficit will be financed through external and domestic borrowing while remain 14 per cent deficit will be covered through the withdrawal from reserves.
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Oman reduced its budget deficit by more than 36 per cent to 2.04bn rial in the first 10 months of the year against a budget shortfall of 3.2bn rials for the same period of last year, official figures published by the National Centre for Statistics and Information (NCSI) showed.
Prior to Tuesday's announcement, the government and public sector departments were urged to avoid increasing their budgets and focus on rationalising expenditure and rearranging priorities in line with the available financial resources, according to Bahrain's GDN online news agency.
The main focus of the general budget 2019 is on reducing the deficit and debt and rationalising public expenditure, among other requirements.
Before the announcement, the Ministry of Finance stressed the need to maintain basic priority areas for citizens - such as health, education, electricity, water and social security – and focus on diversifying the sources of income and increasing the contribution of non-oil revenues.
Last month, Fitch Ratings said a range of macroeconomic risks will present more downside than upside risks for sovereign credit ratings in 2019.
Of the 27 rating outlooks Fitch assigned for this year, 15 were negative and 12 were positive, with Latin America and the Middle East and Africa (MEA) set to perform the weakest out of all global regions in 2019, said Tony Stringer, the rating agency’s managing director of sovereign credit said.
In the MEA region, Fitch assigned four negative rating outlooks (Lesotho, Oman, Tunisia and Zambia) versus one positive one (Egypt).
“The bifurcation towards negative sovereign outlooks was due to a mix of factors, including continued market or currency volatility, macroeconomic weakness and/or fiscal or governance issues,” said Mr Stringer.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
South Africa World Cup squad
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
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Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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THE CARD
2pm: Maiden Dh 60,000 (Dirt) 1,400m
2.30pm: Handicap Dh 76,000 (D) 1,400m
3pm: Handicap Dh 64,000 (D) 1,200m
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m
4pm: Maiden Dh 60,000 (D) 1,000m
4.30pm: Handicap 64,000 (D) 1,950m
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
RESULTS
5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)
5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
Winner: No Riesgo Al Maury, Antonio Fresu, Ibrahim Al Hadhrami
6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi
6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi
7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi
7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Winner: Dolman, Antonio Fresu, Bhupath Seemar
