The government will conduct a budget review every three months to monitor adherence to spending limits/Bloombergby Bloomberg
Oman announced plans to reduce spending by five per cent in response to COVID-19 and the plunge in oil prices, a day after the Sultanate unveiled a $20 billion incentive package for financial institutions to combat the impact of the new coronavirus on the local economy.
Oman TV tweeted that the government will conduct a budget review every three months to monitor adherence to spending limits.
Oman has additionally approved funds to augment food reserves and to underwrite measures it’s taking to shore up the economy. The government did not say where the money is coming from, but Oman is planning on drawing on reserves and selling assets this year.
The Central Bank of Oman said that it’s prepared to add OMR 8 billion ($20.8 billion) in liquidity as a buffer against the economic fallout from the virus, largely skirting a budget that is been battered by the crash in oil prices.