Oman Set To Cut Spending For 2015 As Revenues Slide

Oman is considering spending cuts as it looks to balance its budget for 2015 amid falling oil prices and export revenue.

Speaking to Oman’s Majlis al-Shura (Consultative Council) this week, Finance Minister Darwish al-Balushi said Oman’s government is considering a raft of spending cuts to balance the 2015 budget. Without revisions the country faces a deficit, he said.

Mr Balushi says he has asked all government departments to postpone unnecessary spending. A freeze on new state hiring and promotions is under consideration but there are no plans for salary cuts, he adds.

The minister reiterated plans, announced last month, to cut its energy subsidies for 2015, with the currently “ineffective” system to be better targeted on the needy sections of society. (CONTINUED - 980 WORDS)