MUSCAT: The Gulf sultanate of Oman unveiled a 2021 budget on Friday that foresees a deficit of 2.24 billion riyals ($5.7 billion), despite a 14 percent cut in spending.

The government expects revenues of 8.64 billion riyals based on an oil price of $45 dollars a barrel, 19 percent less than in 2020, the official Oman News Agency reported.

Spending is set at 10.88 billion riyals, 14 percent less than in 2020. The government plans to finance 73 percent of the deficit through borrowing on local and international markets, and the rest from state reserves.