Oman reduces public debt to RO15.1bn

Oman reduces public debt to RO15.1bn

Muscat – Oman’s Ministry of Finance on Monday reported a significant reduction in the sultanate’s outstanding public debt during the first quarter of this year. The country’s total public debt decreased to RO15.1bn by the end of Q1 2024 compared to RO15.3bn recorded by the end of 2023. According to the monthly Fiscal Performance Bulletin […]Muscat – Oman’s Ministry of Finance on Monday reported a significant reduction in the sultanate’s outstanding public debt during the first quarter of this year. The country’s total public debt decreased to RO15.1bn by the end of Q1 2024 compared to RO15.3bn recorded by the end of 2023.

According to the monthly Fiscal Performance Bulletin released by the ministry, the government repaid several outstanding financial obligations during the first quarter of this year, leading to a decline of RO188mn in total public debt.

In recent years, Oman has successfully reduced its public debt to minimise risks associated with its debt portfolio by implementing various measures and initiatives to rationalise public spending and increase non-hydrocarbon revenue. This was achieved by utilising part of the additional revenue for liability management through: buy-back of some sovereign bonds for less than their nominal value; replacement of high-cost loans with low-cost loans;