Rating agencies unfair in the assessment of Oman economy

Financial experts from Oman have expressed reservations on the ratings given by some global credit rating agencies in recent times.
This was revealed at the joint meeting of the Economic and Financial Committee of the Majlis Ash’shura and a delegation of the International Monetary Fund (IMF) to discuss the economic and financial developments in the Sultanate and the effectiveness of the measures taken by the government to contain the crisis due to low oil prices.
The meeting chaired by Dr Saleh bin Said Masan, chairman of the committee, made a number of observations on the reports of IMF and expressed reservations on the ratings of the credit rating agencies, which the members believed were unfair in their assessment of the Sultanate’s economy.
The Sultanate has many economic and comparative advantages that must be taken into account in the credit rating.
It may be noted that the IMF conducts annual consultations and meetings with the concerned people in the Sultanate, including the Economic and Financial Committee of the Council, based on its own assessments and inputs.
The meeting, which focused on the efforts exerted in the field of economic diversification, enhancing non-oil revenues and fiscal control policies, reviewed the expected growth estimates of the Sultanate’s GDP and the future scenarios of the Omani economy, applying the IMF’s recommendations and recommendations through activating a set of financial policies and a package of tax reforms.