Finance Oman targets $1.9bn to plug 2025 budget deficit By Pramod Kumar January 8, 2025, 10:18 AM Oman News Agency The Oman central bank. The government estimates a total financing requirement of OR2.5 billion for 2025 The Omani government intends to raise OR750 million ($1.9 billion) in 2025 to address the projected budget deficit and service public debt. The funds will come through eight issues of government development bonds valued at OR550 million and two local sukuk issuances worth OR200 million, Muscat Daily reported citing the finance ministry’s 2025 budget guidance. The government development bonds will be issued in February and April (each OR100 million), June, July, August, September and October (each OR60 million), and December (OR50 million). The two local sukuk issuances are planned in May and November, each of OR100 million. This month, the government estimates a budget deficit of OR620 million in 2025, with total spending likely to reach OR11.8 billion, a 1.5 percent increase year on year. However, the news report said the government estimates a total financing requirement of OR2.5 billion for 2025, which includes a budget deficit of OR620 million and debt servicing of OR1.8 billion. The gap will be met through a mix of local borrowing (OR750 million), external borrowing (OR1.3 billion), and a withdrawal from reserves (OR400 million). Oman imposes 15% tax on multinationals Oman resumes copper exports as global demand rises Oman delays introduction of personal income tax Preliminary 2024 budget results indicate public debt fell by 5.3 percent to OR14.4 billion by the end of 2024, compared to OR15.2 billion at the start of the year, the news report said. The country’s debt-to-GDP ratio fell to 34 percent in 2024, down from 36.5 percent in 2023. In addition, public debt servicing costs reached OR940 million, down 10.4 percent from the initially budgeted OR1.05 billion.
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