Oman has approved its national budget for 2026 and launched the next phase of its economic programme that aims for 4 per cent growth through 2030, as the sultanate continues to diversify from its reliance on oil.
Revenue for this year's budget is projected at 11.45 billion Omani rials ($29.8 billion), up 2.4 per cent from last year and based on oil prices of about $60 per barrel, the Oman News Agency said on Thursday.
Total public spending is pegged at about 12 billion rials, a 1.5 per cent annual increase.
A budget deficit of 530 million rials is expected, which is a 14.5 per cent drop from last year, and equivalent to 4.6 per cent of total estimated revenue and 1.3 per cent of Oman's projected gross domestic product.
The budget was announced alongside the launch of the country's 11th five-year development plan that will run through 2030, which is the next phase of Oman's Vision 2040 economic strategy.
A key aspect between the budget and the plan is dedicated funding for economic transformation projects, which amounts to 400 million rials a year, Oman's Finance Minister Sultan bin Salem said.
The plan commits to fiscal sustainability, maintaining public debt within “prudent” limits, diversifying non-oil revenue sources, advancing social development and creating jobs, he said.
It is designed to “foster a diversified, competitive and sustainable national economy while guiding a measured transition towards a low-carbon economic model”.
“The plan has established a target for average annual economic growth of approximately 4 per cent over its duration,” he said.
Inflation w
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