MUSCAT: A return to the international bond market, combined with fiscal reforms and an increase in oil prices, is bolstering government efforts to bridge Oman’s budget deficit. After an absence of almost 20 years, Oman tapped the international bond market in June to raise $2.5bn in two separate tranches.
The government has said the money raised will be used to address a funding shortfall in the budget caused by the fall in energy revenues. This year’s deficit is projected to be OR3.3bn ($8.6bn), well down on the OR4.5bn ($11.7bn) revenue gap recorded in 2015.