No. 03



Oman Issues Pragmatic 1999 Austerity Budget; Reserves To Cover Deficit

Omans 1999 budget was presented in a mood of cautious confidence despite over 12 months of plunging oil prices Omani crude averaged $11.90/B in 1998 compared to $18.62/B in 1997. Unveiled on 2 January by Mr. Ahmad bin 'Abd al-Nabi Makki, the Minister of National Economy and Supervisor of the Ministry of Finance, the 1999 budget revealed a 6.5% cut in spending, a 24% decline in revenue and...