(MENAFN) Oman's Finance Ministry said that the country has no specific plans to reduce state spending this year, despite the continuous plunge in oil prices to reach below the level assumed in its government budget, Gulf News reported.
"There are no specific plans to cut public expenditure at this time. We are observing the situation closely and the oil prices are still fluctuating. When needed, steps will be taken to maintain the economy's performance," The Finance Ministry said.
The 2015 budget, which was released last week, showed the sultanate planned to increase state spending by 4.5 percent from last year's original plan to reach USD36.6 billion.
The budget also assumed that oil prices would average USD75 per barrel this year, but the prices declined to reach belowUSD50 per barrel this week, its lowest level since April 2009, after a roughly USD66 drop over the past six months.
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