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The initial plan of the Oman budget for 2018 provided for expenditures of 12.5 billion riyals and revenues of 9.5 billion riyals with a deficit of three billion riyals.
Oman's budget deficit decreased by 34.0% in the first eight months of 2018 compared to the same period last year, to stand at 1.83 billion riyals ($ 4.75 billion) due to a sharp increase in oil revenues.
According to data released Friday by the Sultanate's Ministry of Finance, total revenue would have reached 6 billion and 677 million riyals in August 2018, up from 5 billion and 366 million riyals a year ago, while spending has increased more slowly, rising to 7 billion and 968 million riyals from 7 billion to 342 million SAR.
The initial Oman budget plan for 2018 provides 12.5 billion riyals and 9.5 billion riyals with a deficit of three billion riyals and assumes an average oil price of 50 dollars a barrel.
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