FAERC reviews financial position

Muscat: The Financial Affairs and Energy Resources Council (FAERC) on Thusday held its 3rd meeting for 2020 under the chairmanship of Darwish bin Ismail al Balushi, Minister Responsible for Financial Affairs, Deputy Chairman of the Council.

The Council reviewed the report prepared on the financial position of the Government in light of the actual closing accounts for the fiscal year 2019 and approving the report.

Further, the Council discussed a memorandum on the financial status and estimated results of the State General Budget 2020 due to the impacts of the global economic circumstances on the Sultanate. The Council affirmed the necessity to continue following up the economic developments and their effects on the financial status and taking appropriate procedures.

The Council viewed the report pertaining to performance of the electricity sector and the mechanisms proposed to improve its efficiency. It also reviewed other topics upon which appropriate decisions were taken. –ONA

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