Oman’s economy firmly on the road to recovery

Oman’s economy firmly on the road to recovery

Muscat: The financial indicators for the first quarter of 2022 confirms that Oman's economy is on a recovery mode. The state's general budget achieved a financial surplus of more than OMR300 million, said the officials and financial experts, adding it reflects the efforts made by the government and the measures taken by it in this direction, supported as it was by the rise in oil prices in global markets. Dr. Nasser bin Rashid Al Maawali, Undersecretary of the Ministry of Economy, said, "The better financial performance of the Sultanate of Oman by the end of the first quarter of this year reflects the efforts and measures taken by the government to ensure the sustainability of financial and economic conditions, supported by the stability of average global oil prices," adding that "the financial surplus will be exploited and directed to stimulate growth. It will help enhance spending on priority development projects to serve the economic and social dimensions, as well as reducing the level of public indebtedness." In a statement to the Oman News Agency, he said the economic and financial indicators of the performance are very reassuring, and with the improvement in the financial performance of the Sultanate of Oman