Oman reduces public debt to RO 15.1 billion by March 2024

Oman reduces public debt to RO 15.1 billion by March 2024

The Ministry of Finance announced that the country's public debt has been reduced to RO 15.1 billion by the end of March 2024.

The post Oman reduces public debt to RO 15.1 billion by March 2024 appeared first on The Arabian Stories News.MUSCAT : As per the Ministry’s special bulletin on the first quarter of 2024, total public debt by the end of first quarter was down by RO 188 million, compared to RO 15.3 billion registered by the end of 2023.“Oman’s public debt increased to 29.1 percent of GDP in 2016 from 4.9 percent in 2014 and peaked at 67.9 percent in 2020. Despite low oil prices and the impact of the COVID-19 pandemic on the economy, Oman has managed to reduce public debt to 36.5 percent in 2023. The public debt stands at RO 15.1 billion by the end of Q1 2024. The Government’s efforts continue to reduce public debt by utilizing the additional financial revenues,” the bulletin stated.Additionally, the Ministry repaid more than RO 206 million to the private sector. This reflects the payment vouchers received through the e-financial system that have completed the documentary cycle.At the end of first quarter of 2024, the public revenue amounted to