Oman unveils record budget of billions

In a bid to boost jobs for its people and stimulate growth, Oman is to more than double public spending to record levels.

Omani soldiers parade under a picture of Omani ruler Sultan Qaboos bin Said during celebrations marking 40 years since he took the throne.
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Oman will more than double public spending over the next five years to 30 billion Omani rials (Dh286bn) as it seeks to foster growth and generate jobs for Omanis.

The sultanate also unveiled a record budget for this year involving ramping up expenditure by 9 per cent to 8.13bn Omani rials.

Health, education and transport will account for the bulk of spending under the five year plan unveiled today.

The proposals are aimed at ensuring GDP expansion of three per cent per year at least while keeping inflation under control.

One of the smallest of the Gulf oil producers, Oman is focused on expanding its private sector by investing in infrastructure projects and creating employment for its youth.

The country successfully weathered the financial crisis with its economy outperforming growth forecasts for its previous five year plan.

The latest plan is based on an average oil price of $59 a barrel, according to the official Oman News Agency.