Oman to borrow $5-10 billion from abroad

Oman plans to borrow between $5 billion and $10 billion from abroad to help finance a budget deficit caused by low oil prices, central bank executive president Hamood Sangour al-Zadjali told Al Arabiya television on Monday.

Zadjali said the government might issue eurobonds by the middle of this year, but did not comment further on the timing of the foreign borrowing.

He also said the government planned to issue 600 million rials ($1.56 billion) of domestic bonds this year, or about 100 million rials every two months. It is currently marketing a 100 million rial, five-year issue with a coupon of 3.5 percent; the bonds will be auctioned on Feb. 16.

/Oman Observer.