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Oman plans $3.1B deficit in 2012 draft budget

Oman set its 2012 draft budget with a deficit of 1.2 billion rials ($3.1 billion) and expenditures of 10 billion rials, higher than planned for 2011, a finance ministry official said on Wednesday.

November 23, 2011 10:49 by

“We set aside more expenditure for 2012 to create more jobs since we expect thousands of graduates to leave higher education next year, which results in a higher deficit,” the official at the ministry’s budget office, who declined to be named, told Reuters.

The budget is based on an average oil price of $75 per barrel in 2012, the official said. (Reporting by Saleh Al-Shaibany; Writing by Martin Dokoupil; Editing by Martina Fuchs)

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