Oman looks to plug budget hole
Oman Omani Minister of Oil and Gas Mohammed bin Hamad al Rumhy
“There’s an appetite still and I think even when interest rates are raised there will still be appetite,” Ali Hamdan Al Raisi, vice-president of Oman’s Central Bank, told Bloomberg.
The precise timing and size of the bond issue have not been determined yet, although a figure of between USD 1.5 billion and USD 2 billion has been floated.
The largest non-<a href=’https://theenergyyear.com/companies-institutions/opec/’>OPEC oil producer in the Gulf, this year Oman is on track to reach an average daily production of 1 million bopd and is facing a budget deficit of some USD 8.57 billion, or 13% of GDP. According to a Reuters report on Tuesday, the country is also looking to cut spending by 5% in next year’s budget.
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