Oman said on Sunday it expects its budget deficit to reach 5% of gross domestic product (GDP) in 2022, well within the limits of a medium-term fiscal plan launched by the Gulf state last year to fix its heavily-indebted finances. A relatively small crude producer, Oman is more sensitive than its hydrocarbon-rich Gulf neighbours to oil price swings, meaning it was hit especially hard by the price crash in 2020 amid the Covid-19 pandemic and worldwide economic lockdowns. But higher oil prices this year, along with fiscal reforms, are expected to narrow state deficits and slow a rise in debt leve…

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