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English news

09-Feb-2016

Oman plans to borrow USD5-10 billion from abroad

Oman plans to borrow between USD5 billion and USD10 billion from abroad to help finance a budget deficit caused by low oil prices, central bank executive president Hamood Sangour Al Zadjali told Al Arabiya television on Monday. Al Zadjali said the government might issue Eurobonds by the middle of this year, but did not comment on the size of any eurobond offer or give further details of the foreign borrowing plan. He also said the government planned to issue OMR600 million (USD1.6 billion) of domestic bonds this year, or about OMR100 million every two months.  Financial Affairs Minister Darwish Al Beloushi said in January that the government planned to cut its budget deficit to OMR3.3 billion this year from an actual OMR4.5 billion last year, partly through big spending cuts. (Reuters)

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