DUBAI: Oman has set its 2024 budget on an average oil price of $60 per barrel and sees a budget deficit of 640 million rials ($1.66 billion) this year, around 1.5% of the country’s GDP, state TV reported on Monday.

The country estimated 2024 budget revenues at around 11.01 billion rials, up 9.5% from 2023 estimates.

Oman’s finance minister Sultan Salim Al Habs said that the estimates in the budget were based on ensuring that “financing needs are met in the event of a decline in oil prices”.

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The country estimated expenditures would be up 2.6% this year from 2023 estimates at around 11.65 billion rials, which includes a public debt service of 1.05 billion rials.