Oman approves Finance Year 2015 budget

The Sultanate of Oman approved on Thursday the budget of FY 2015 totaling in value 14.1 billion riyals (nearly UDS 36.74 billion).
The budget envisages a growth rate of 4.5 percent and a deficit of OMR 2.5 billion, according to a press release by the Ministry of Finance.
It estimates the total revenues at OMR 11.6 billion with a one percent increase from last year figure.
The deficit, put at OMR 2.5 billion represents 21 percent of the total revenues and eight percent of the GDP.
Regarding the expenditure, the budget appropriates OMR 9.6 billion, or 68 percent of the public expenditure, to current expenses, and OMR 3.2 billion - or 23 percent, to investment expenses.
The funding set aside to support programs amounts to OMR 1.1 billion which represents eight percent of the total volume of public expenditure, the statement added.