Oman on Sunday set its 2004 budget with spending at 3.425 billion rials ($8.9 billion) and forecast a deficit of 500 billion rials, 25 percent higher than in 2003.
Economy Minister Ahmad bin Abdul-Nabi Mekki told reporters total revenues were expected to reach 2.925 billion rials, 12 percent higher than forecast revenues of 2.6 billion rials in 2003.
The 2004 budget was based on an average oil price of $21 per barrel, compared to $20 per barrel in 2003.
The Gulf Arab state, an independent oil producer, had set a 2003 budget projecting expenditures of 3.0 billion rials with a budget deficit of 400 million rials. It has not yet finalised the 2003 budget.