Oman to Sell $2 Billion of Islamic Bonds, Finance Chief Says

Oman plans to sell $2 billion of Islamic bonds this month as it seeks to trim a large budget deficit caused by lower oil revenue, Finance Minister Darwish Al Balushi said.

The crude exporter’s budget deficit will reach 12 percent of economic output this year and it will continue to narrow in the coming years, Al Balushi said in an interview Wednesday in Jeddah, Saudi Arabia, on the sidelines of the Islamic Development Bank’s annual meeting.

“We are confident that our economy is heading in the right direction because the government has taken several measures for economic and fiscal reform,” he said. “These measures led to improvement in the fiscal situation and the government will continue to take more measures.”

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