A view of Petroleum Development of Oman near Muscat. REUTERS/Fahad Shadeed/File Photo
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Oman's government, whose budget deficit is among the largest of all the sovereigns tracked by Fitch Ratings, will tap capital markets for a fourth straight year to plug a fiscal gap vulnerable to lower oil prices.Borrowing will cover 86 percent of the country's 2.8 billion-rial shortfall, with the remaining 400 million rials to be drawn from the country's reserves.It expects government debt to continue climbing and reach 58 percent of GDP by 2020 from 48 percent in 2018 .Deficit is expected at 2.8 billion Omani rials, or 9 percent of GDP, versus 2.9 billion rials in 2018 while revenue is projected at 10.1 billion rials, down from a preliminary estimate of 10.3 billion rials at the end of 2018 .
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