Oman has taken concrete measures to curb budget spending, cutting it by 11%, and introducing economic reforms following the steep fall in oil prices. It is cutting subsidies by a whopping 56%, raising petroleum product prices (mainly gasoline and diesel) and increasing corporate tax as it hopes to tackle a large deficit of OR3.3bn ($8.6bn at OR1=$2.60).   

The new budget seeks to cut subsidies to OR400mn for 2016 from OR900mn for 2015. Subsidies in 2016 will be allocated to...