Oman might use reserves to fund budget gap

Oman’s economy minister, Ahmed Mekki, has said the country will finance its planned OR800m budget deficit for 2010 from its reserve funds if needed, Reuters has reported. The non-OPEC oil producer raised spending by 12% in this year’s budget on prospects of higher oil prices to finance a range of infrastructure projects. ‘However, we expect the average oil prices to stay above what we forecast for this year’s budget,’ he was quoted as saying by the news service.