In this Sept. 15, 2010 file photo shows a general view of the city, in Muscat, Oman. (AP Photo/Kamran Jebreili, File)
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Oman's state budget for 2018, approved by ruler Sultan Qaboos Monday, boosts spending at the expense of running a large deficit, despite increasing concern among credit rating agencies about the health of the country's finances.The budget projects spending of 12.5 billion rials ($32.5 billion) this year, up from 11.7 billion in the original budget for 2017, local media quoted a Finance Ministry statement as saying.That leaves a planned deficit of 3 billion rials this year, the same as last year's projected deficit.The Brent oil price is now above $65, so Oman's revenue is likely to be significantly higher than expected if oil prices stay flat.Oman's actual state budget deficit for the first 10 months of 2017 narrowed to 3.20 billion rials from 4.81 billion rials a year earlier, the latest finance ministry data showed.
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