Oman’s Council of Ministers has reviewed the state budget for 2016, which includes spending cuts and measures to increase non-oil revenues to mitigate the impact of lower oil prices.

The Oman News Agency says the council met to review the budget for 2016 and the government’s Ninth Five Year Plan (2016-2020) project.

The details of the budget have not yet been published by the Ministry of Finance.

It is expected that non-oil revenues will be boosted by raising the rates of taxes on the profits of companies as well as increasing fees payable for government services. Fuel subsidies will also be revised with effect from mid-January 2016

For 2015 Oman approved its largest ever budget, with spending raised by 4.5 per cent to RO14.1bn ($36.7bn), with a planned deficit of RO2.5bn, or 8 per cent of GDP.