His Majesty Sultan Qaboos issued a Royal Decree on Sunday ratifying 2017 State Budget.
According to the budget statement that is published in the official gazette, the total revenues for 2017 stood at RO 8.7 billion, with contributions from the oil sector at 51 per cent and the gas sector 19 per cent. The total revenues increased for the 2016 increased by RO 100 million
The total expected public spending for 2017 will be about RO 11.7 billion, a drop of RO 200 million from the expected expenditure for the year 2016.
The projected expenditure for 2017 will be RO 11.7 billion, making the projected deficit to RO3 billion.
The deficit will be financed through 70 per cent external borrowing.
Total expenditure in the oil and gas production expenses is estimated at RO 1.3 billion, an increase of about RO10 million to exceed RO 1 billion riyals from the 2016 budget estimates.