Oman takes US$3.55b China loan to cover budget deficit

Oman has said it will launch an austerity programme to cope with falling oil prices. ― Reuters picOman has said it will launch an austerity programme to cope with falling oil prices. ― Reuters picMUSCAT, Aug 2 — Oman today announced it has taken out a US$3.55-billion (RM15.2 billion) from banks to cover its for the current fiscal year.

The sultanate had originally planned to raise US$2 billion on the Chinese market but raised the amount because of strong demand, the finance ministry said.

It said Oman had previously raised US$5 billion with a issue and another $2 billion in , or Islamic bonds.

The loans aim to cover the deficit in the 2017 budget, deputy finance minister Nasser al-Jishmi was quoted by the official news agency ONA as saying.



Oman, a non-OPEC producer which pumps a modest 1 million barrels per day, in announced a deficit of 3 billion riyals (RM33.4 billion) and vowed to press on with an austerity programme to combat the global slump in oil prices. — AFP

Source: The Malay Mail Online



(Next News) »


Leave a Reply

Your email address will not be published. Required fields are marked as *

Time limit is exhausted. Please reload CAPTCHA.