Financial Affairs, Energy Resources Council Meets

Muscat, The Financial Affairs and Energy Resources Council today held its third meeting of the year under the chairmanship of Darwish bin Isma’eel bin Ali al- Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of the Council.

The council reviewed a report on the final accounts of the state budget for the fiscal year ending 31/12/2017, the results of the actual implementation of the state’s general budget. The council approved these accounts which showed 30% decline in the deficit compared to the fiscal year 2016.

As part of its follow up for the local and global financial and economic developments, the council discussed a report on the financial status of the state as on 31/3/2018. The council reviewed the key economic, social and financial indicators including the realised oil price, the state’s actual revenues, expenditure, deficit levels, the banking sector conditions and the credit rating for the Sultanate.

The council noticed improvement in the results of the first quarter for 2018 as the actual deficit declined by 52% compared to the realized deficit during the same period in 2017; thanks to the measures and procedures taken by the government during the past period coupled with oil price recovery.

It also reviewed some reports on oil, gas and petrochemical industries, in addition to a number of other topics and took necessary actions towards them.

Source: Oman News Agency