Oman’s Finance Ministry has issued Oman Financial Circular No. 16/2020 which lays out more Government budget cuts. Under the Circular, Ministries and Government units will have to cut an additional 5% from their budgets allocated for all civil, military and security Government units for the 2020 financial year. This mean budget cuts in these areas will total 10%. These entities must also negotiate with real estate property owners leased by the Government for at least a 10% discount of the existing rent of each leased property. In addition, they have to suspend all unnecessary ceremonies and activities including annual celebrations and inaugural ceremonies. It comes as the Sultanate continues to tackle Coronavirus. Full story
