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Oman to Slash Borrowing Plan by as Much as 70% This Year

  • Will seek up to $3 billion in debt from $6.2 billion earlier
  • Nation’s 2028 bonds rally most on record as yields plummet
Oman A Rare Look Inside The Gulf's Misfit
Photographer: Christopher Pike/Bloomberg
Updated on

Oman plans to slash its borrowing requirements for 2019 by as much as 70 percent and rely on asset sales to plug one of the largest budget deficits among oil exporters, according to a senior government official.

The Gulf Arab monarchy will likely raise between $2 billion and $3 billion in bonds and loans, the official said on condition of anonymity because the plans haven’t been made public. The budget had listed debt requirements of about $6.2 billion.