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Oman to Sell $2 Billion of Islamic Bonds, Minister Says

  • Dollar-denominated sukuk planned for sale this month
  • Budget deficit seen narrowing as government makes reforms
Pastel twilight over Muscat harbour, Oman.
Photographer: Whitworth Images/Getty Images
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Oman plans to sell $2 billion of Islamic bonds this month as it seeks to trim a large budget deficit caused by lower oil revenue, Finance Minister Darwish Al Balushi said.

The crude exporter’s budget deficit will reach 12 percent of economic output this year and it will continue to narrow in the coming years, Al Balushi said in an interview Wednesday in Jeddah, Saudi Arabia, on the sidelines of the Islamic Development Bank’s annual meeting.