OMAN: Surprise surplus in Jan-Apr, but don’t get too excited yet

GULF COUNTRIES - Report 22 Jun 2020 by Justin Alexander

Official statistics show a fiscal surplus of 1.5% of GDP in Jan-Apr 2020. However, this is misleading given one-off transfers and temporary spending cuts. The underlying fiscal balance is more likely a deficit of at least 6% of GDP. Even so, there are encouraging signs of spending cuts in some areas such as defense. Oman will need to show strong progress in the next few months to win over donors and markets.

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