Oman's government posted a budget deficit of OMR3.50bn (USD9.1bn) in the 1H16, nearly double the figure a year earlier. The 1H deficit compared to a deficit of OMR1.92bn in 1H15, as low oil export prices slashed its revenues, provisional Finance Ministry data, cited by Reuters, showed. The government's original 2016 budget plan envisaged state expenditure of OMR11.9bn and revenues at OMR8.6bn. Officials said their 2016 economic plans assumed an average oil price of USD45 a barrel. Oman is imposing a series of austerity measures after it had posted a budget deficit of about OMR4.5bn last year. Gasoline and diesel price subsidies have been cut, and similar cuts are planned for electricity and liquid petroleum gas. Earlier this month, the World Bank said Oman's subsidy bill is expected to fall 64% this year as the government seeks to reform its finances amidst lower oil prices. (Arabian Business)