Oman recently passed its national budget for 2002, allocating 2.9 billion Omani Riyals ($7.4 billion) for spending and expecting OR 2.5 billion ($ 6.4 billion) in revenues, reported the official ONA news agency. The country’s budget deficit is thus anticipated to reach OR 380 million ($974 million) in 2002, up 17 percent compared to last year’s $811.5 million deficit.
In an attempt to reduce the country’s dependency on oil revenues, the government plans to commission 12 large-scale projects the areas of petrochemical fertilizer industry and irrigation as well as laying a gas pipeline, four power projects, the construction of a new airport and a new seaport, Times of Oman reported.
Although not an OPEC member, Oman’s economy relies heavily on its oil production, at 900,000 barrels per day (bpd). Muscat recently has agreed to cut its oil output by 40,000 bpd to back OPEC’s attempt to increase crude prices. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
