Council seeks boosting non-oil revenues

MUSCAT: The Financial Affairs and Energy Resources Council reviewed the position of implementing the state general budget for the fiscal year 2019 and the results till the end of the year.
The meeting, held under the chairmanship of Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs, Council Deputy Chairman, also reviewed financial performance indicators for the first seven months of the year, including the actual oil price achieved, actual revenues and levels of expenditure and deficit. The Council also stressed the importance of continuing controls on public spending and developing non-oil revenues.
The Council also discussed the foundations and assumptions upon which the state general budget for the fiscal year 2020 will be prepared, including estimates of oil production and global oil price scenario for the foreseeable future. It also discussed the initial estimates of public revenues, general spending, deficit, methods of financing and the level of general debit, to be discussed at the next meeting.