27 per cent fall in oil revenues

MUSCAT: The Financial Affairs and Energy Resources Council reviewed a report on government’s financial position as on October 31, 2016. The report pointed out that as of the end of October 2016, the deficit stood at RO 4.8 billion due to decline in oil revenues by 27 per cent, compared to the budget and by 41 per cent compared to the realised revenues in 2015. The meeting was held at the Ministry of Finance on Wednesday under the chairmanship of Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs, Deputy Chairman of the Council.
Within the framework of following up the state’s financial and economic developments, the Council also reviewed a report of the State Council and Majlis Ash’shura on draft state general budget for 2017, as well as their remarks on the financial condition of the state and the financial framework of the state budget. The Council was also briefed on the proposed replies on the remarks of the State Council and Majlis Ash’shura.