FAERC reviews state of economy

MUSCAT: The Financial Affairs and Energy Resources Council held its 2nd meeting of the year under the chairmanship of Darwish bin Ismaeel bin Ali al Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of the Financial Affairs and Energy Resources Council, on Wednesday. The Council reviewed the final statements report for the fiscal year 2016, the financial status report for the state as on April 30, the development of oil prices and the actual implementation of the budget for this period. It also reviewed the reports on the Sultanate by some international organisations, such as the International Monetary Fund (IMF) and Oxford Business Group on the prospects of economic growth on the medium term, the improvement of business environment and the measures taken to reduce state budget deficit. The Council stressed the need to continue taking necessary economic and financial measures to alleviate the effect of oil prices drop and ensure financial sustainability. The Council also reviewed the report on the performance of the State General Reserve Fund for 2016, the report on the activities of Al Raffd Fund in 2014 and 2015. It also reviewed a number of other issues and took appropriate decisions in their regard. — ONA