Oman’s budget deficit stands at OMR2.7bn (USD7bn) in 2018, less than projected because of higher revenues, state news agency ONA said on Wednesday. Oman benefited from higher oil revenue during 2018, as oil prices rose last year on the back of output cuts by oil-producing countries. At the same time, the Sultanate reduced public expenditure without compromising on funding of key development projects. On Tuesday, Jihad Azour, IMF Middle East and Central Asia director, had urged Muscat to accelerate some of the highlighted reforms like the introduction of the VAT in order to avoid a cash crunch.