Financial Affairs, Energy Resources Council meets

Muscat: The Financial Affairs and Energy Resources Council today held its sixth meeting of the year, 2018, at the Ministry of Finance in Muscat headed by Darwish bin Ismail bin Ali al Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of the Council.

The Council reviewed a number of topics, including a report on the financial position of the State until 31/8/2018 and the expected results of the budget at the end of 2018.  It examined the most important financial and economic indicators, including the actual position of oil price, revenues, expenditure levels, deficit, banking conditions and credit rating.

The Council also discussed the draft State Budget for the fiscal year 2019, reviewing the latest developments in the global economic situation and its impact on the national economy and public finances, including international oil price trends, and a number of measures to achieve financial sustainability and improve credit rating.

The Council approved the submission of the draft budget to the Council of Ministers. The Council also reviewed some reports related to the oil and gas sector, in addition to a number of other topics, and took the appropriate decisions in their regard. –ONA