Oman’s plan to borrow a higher amount from markets abroad indicates that government expenditure will be maintained to support economic growth this year. Earlier last week, Central Bank of Oman (CBO) Executive President, Hamoud Sangour Al Zadjali told Al Arabiya television that the country plans to borrow anywhere between USD5 billion and USD10 billion from abroad to help finance the budget deficit. This is against an initial budget proposal of merely OMR900 million (USD2.32 billion) foreign borrowing. The major projects that are either in implementation phase or the design stage include the Duqm Refinery (USD6 billion), Oman National Railway (USD15 billion), the Sohar refinery improvement project (USD2.1 billion), the Liwa Plastics Project (USD3.6 billion), the Batinah Expressway (USD3.9 billion), the BidBid-Sur dual carriageway (USD1 billion), Sohar port’s expansion (USD600 million) and the Muscat-Sohar pipeline (USD300 million) for carrying refined petroleum products. While some of the companies (like Orpic), which is building these projects, have reached financial closure, major infrastructure projects are being funded by the government. (Times of Oman)