MUSCAT: The Financial Affairs and Energy Resources Council on Thursday held its 5th meeting of the year under the chairmanship of Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs, and Deputy Chairman of the Financial Affairs and Energy Resources Council. As part of its follow-up of the financial and economic developments, the Council reviewed the report on the State financial position as of August 31, 2017, as well as the actual status of the realized oil prices, revenues, deficit and expenditure levels.
Completing its discussions of the bases and assumption for the State’s budget for the fiscal year 2018, the Council reviewed the developments of the economic and global conditions and their effects on the national economy, as well as the State’s fiscal budget including the oil prices trend in the foreseeable future.
The Council also discussed the estimated revenues, expenditure, budget deficit, the proposed means to cover the deficit in light of such developments, the necessary measure to curb the increase in the State’s budget deficit, as well as means of ensuring sustainability of expenditure.
The Council approved referring the draft budget of the state for the fiscal year 2018 to the Council of Ministers.
The Council also reviewed some reports on oil and gas, as well as a number of other issues and took appropriate decisions. — ONA