Experts laud Oman’s credit rating surge, fueling economic optimism

Experts laud Oman’s credit rating surge, fueling economic optimism

Experts and specialists in economic affairs are lauding the Sultanate of Oman's remarkable achievement in improving its credit rating.

The post Experts laud Oman’s credit rating surge, fueling economic optimism appeared first on The Arabian Stories News.Muscat: The recent surge in Oman’s credit rating, particularly noted by reputable institutions like Standard & Poor’s, has been met with praise from industry leaders and economists. Engineer Muhammad bin Abu Bakr Al-Ghassani, Chairman of the Development Bank’s Board of Directors, emphasized the government’s focused efforts on optimizing spending, boosting non-oil revenues, and curbing public debt, all of which have contributed significantly to this positive outcome.

Al-Ghassani highlighted the significant strides in Oman’s credit rating, particularly emphasizing the rise from BB to BB+ with a positive outlook, as assessed by Standard & Poor’s, from March 2023 to March 2024. He attributed this success to the government’s prudent financial management, which optimized spending, increased revenue streams, and tackled high-cost public debts, aligning with the nation’s economic sustainability program.

Al-Ghassani emphasized the impact of improved credit ratings on investor confidence, lower borrowing costs, and the potential for attracting foreign investments vital for economic diversification and achieving the “Oman 2040” vision’s objectives.

Echoing these sentiments, Dr. Yousef bin Hamad Al Balushi,