Oman’s freshly-released 2018 budget projects a 17% fall in the deficit based on optimistic spending cuts of 5%, though the $50/B oil price assumption is conservative. But, even under the most optimistic scenario, deficits will continue for a 10th straight year, a cumulative $48bn.

Oman’s 2018 budget projects a $1.3bn fall in the country’s deficit. But at $7.8bn, almost 13% of GDP, this is hardly something to crow about. Particularly worrying is that the country will have...