MUSCAT: Several experts in the economic field have confirmed that the continuous improvement and remarkable development in Oman's credit rating by various international agencies is a result of the efforts and the measures taken by the government to control public spending, reduce public debt, increase non-oil revenues, and improve the general financial performance indicators of the state.
Eng Mohammed bin Abubakr al Ghassani, Chairman of the Development Bank's Board of Directors, said that the improvement in Oman's credit rating from various international rating agencies, especially by Standard & Poor's for credit rating - where it has risen since March 2023 from BB with a positive outlook to BB+ with a positive outlook in March 2024 - is a result of the efforts made by the government to refine government spending, maximise state financial revenues, and continue to reduce public debt, especially high-cost debt, in addition to the effectiveness of financial and economic policies within the financial sustainability programme to address sudden economic challenges and further enhance economic growth.
Eng Al Ghassani added that the progress in credit rating is an important indicator of investors' and borrowers' confidence in the economy and the banking sector, enabling Oman to benefit from lower borrowing costs in the future if needed, encouraging foreign investors to enter diverse investments and large capital projects, which helps accelerate the economic diversification strategy and the objectives of Oman Vision 2040, further solidifying the administrative and financial governance of the state and the banking sector, enhancing long-term economic and financial stability.
He pointed out that this improvement in credit rating by international credit rating agencies will continue with the government's ongoing efforts to refine government spending, reduce public debt, and implement economic measures that contribute to enhancing economic growth. DETAILS ON P14
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