PHOTO: Foreign Ministry of Oman
Oman’s bid to address financial deficit and improve its economy, particularly through its fiscal balance plan (2020-2024), is paying off, reported the Oman News Agency.
Moody’s and S&P Global Ratings have noted various positive outcomes.
Last year, S&P Global Ratings revised its outlook on Oman from stable to positive and fixed the credit rating level at “BB+”.
The upgrade was due to the continuous improvement in public financial performance indicators, the government’s efforts to reduce net public debt and the higher hydrocarbon production which would support growth in 2025 and 2026, it said.
S&P Global Ratings expects the fiscal and economic reform momentum to continue over 2024-2027 and the GDP to expand by about 2% per year on average.
This ties in with Oman’s commitments to its Vision 2040 goals of reducing economic reliance on the hydrocarbon sector, diversifying the economy and continued implementation of financial and economic reforms.
As a result of Oman’s credit rating improvement, foreign direct investments, investor confidence and interest are expected to increase, which will, in turn, support economic growth and sustainability.
