March 17, 2020 / 6:11 AM / 12 days ago

Oman ministry of finance cuts 2020 budget allocated to govt agencies by 5% - sources

DUBAI, March 17 (Reuters) - Oman’s ministry of finance has cut by 5% the budget allocated to government agencies for 2020, a source at the ministry of finance and another source familiar with the matter said.

The decision was “in response to the financial challenges of the country,” said the ministry of finance source.

Oman, a small Gulf oil producer rated ‘junk’ by all major rating agencies, is expected to see its deficit widen this year because of lower oil prices. (Reporting by Davide Barbuscia Editing by Shri Navaratnam)

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