Oman Business: Agencies worldwide raise Oman’s credit rating – Gulf Digital News

Oman Business: Agencies worldwide raise Oman’s credit rating – Gulf Digital News

Many international agencies have upgraded Oman’s credit rating with ‘stable’ outlook due to Oman’s commitment to fiscal performance control procedures and initiatives within the context of the Medium Term Fiscal Plan, higher oil prices and improved economic and financial indicators.

While Fitch raised Oman’s credit rating to “BB”, Standard & Poors amended the country’s credit rating to “BB-, with a stable outlook” and so did Moody’s, from ‘negative’ to ‘stable’, reported Oman News Agency (ONA).

One of the direct factors that prompted Fitch’s action was the performance of the Sultanate’s general finance, fiscal control measures undertaken within the context of the Fiscal Balance Plan 2020-2024, an ability to ease external borrowing pressure, sustained efforts to reform general finance, high oil prices’ boosting budgets 2022-2023 and a sharp fall in general debt.

Dr Said Mubarak Al Mahrami, Member of the State Council and Finance Professor at the Sultan Qaboos University’s College of Economy and Political Sciences, told Oman News Agency (ONA) that the reasons behind Oman Fitch’s ameliorating Oman’s credit rating include the government’s sincere desire to cut down the general debt, Oman’s serious abidance by the Fiscal Balance Plan and high revenues from oil and gas prices. He hoped that Oman’s next credit