Oman has announced a 2.7% increase in its defence and security budget for 2015. Under the new budget, related expenditure will increase to OMR3.8 billion (USD9.9 billion) despite earlier suggestions of potential cuts to related spending.
According to the budget, released by the Ministry of Finance on 1 January, defence and security spending will account for around 27.0% of state spending, down marginally from its recent high of 27.7% in 2013. Spending will also fall as a percentage of GDP from 10.8% to 10.3%.
The 2.7% increase is the slowest rate of growth seen since 2011 and follows a period where defence and security spending more than doubled over a three-year period, rising from OMR1.7 billion in 2011 to OMR3.7 billion in 2014. […]