ERC Meets

Muscat, The Financial Affairs and Energy Resources Council (FAERC) has held its fifth meeting of the year 2018 at the Ministry of Finance in Muscat under the chair of Darwish bin Ismail al-Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of FAERC.

The Council reviewed the position of the implementation of the state budget for the fiscal year 2018 and the expected results until the end of the year. It reviewed the financial performance indicators for the first seven months, including the actual realized price of oil, actual revenues, and expenditure and deficit levels. The Council stressed the importance of continuing to control public spending and develop non- oil revenues.

The Council discussed the basis and assumptions on which to prepare the general budget of the State for the fiscal year 2019, including estimates of oil production and global oil prices scenarios in the foreseeable future.

The Council also discussed the preliminary estimates of public revenues, public spending, deficit, financing means and the level of public debt, to be re-presented to the Council at the next meeting. The Council reviewed a number of other topics and took appropriate decisions in their regard.

Source: Oman News Agency