Oman cuts public debt by OMR2.4 billion, thanks to Govt measures

Oman cuts public debt by OMR2.4 billion, thanks to Govt measures

Oman presses ahead with the approach charted by His Majesty Sultan Haitham bin Tarik to implement economic measures and streamline procedures. This was achieved despite the economic impacts brought about worldwide as a result of the Coronavirus pandemic and other global crises.

On top of these measures was the medium-term Fiscal Balance Plan (2020-2023), which proved practical through the results it achieved, supported by the 10th Five-Year Plan (2021-2025) in line with Oman Vision 2040.

During this year and until the end of August 2022, the Sultanate of Oman was able to pay off loans and replace some high-cost bonds with low-cost ones valued at more than OMR4 billion.

It also cut down the size of the public debt by about OMR2.4 billion as at the end of August 2022, to stand at OMR18.4 billion, thanks to Government measures taken to support economic recovery.

The ratio of public debt to the GDP decreased to 46.5 percent.

This enabled the government to diminish public debt risks and reduce the cost of public debt interests to be paid in the future by about OMR127 million, besides improving the credit rating and other benefits to consolidate economic growth.

The increase in added value in oil and non-oil activities at