Official media reported on Sultanate of Oman Today, Thursday, the Sultan approved a plan for a medium-term financial balance to achieve financial sustainability for the country, after the Corona virus crisis and low oil prices drained state coffers.
The Sultanate had long ago plans to reform its economy, diversify sources of income, and implement reforms on sensitive files such as: taxes and subsidies, but the plans were postponed during the reign of the late Sultan Qaboos, who died in January after half a century in office.
Official media quoted orders from Sultan Haitham that he approved a financial plan for the period from 2020 to 2024 that includes increasing government income from non-oil sectors.
The Sultanate will also accelerate the building of an integrated national system of social protection for the low-income and affected by the government’s effort to reduce public debt and reduce state expenditures, according to one of the orders.
The Sultan also ordered the implementation of development projects worth 371 million Omani riyals (964 million dollars) across the country.
Oman’s sub-rated debt by all major credit rating agencies rose to nearly 60% of GDP in 2019, up from 5% five years earlier.
The Sultanate of Oman raised $ 2 billion on Wednesday from its first international bond sale since July 2019.
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