Oman’s finance minister signaled that budget policy would become more conservative, after several years in which the global financial crisis and political pressures prompted the government to boost spending sharply.
Since 2011, the government has hiked spending on welfare and job creation schemes.
It has also spent heavily on infrastructure such as airports and ports, to diversify the economy before oil revenues fall. Oman’s oil reserves are not as big as its wealthy neighbors’; oil firm BP has estimated they could run out in 17 years.
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