MUSCAT: The Financial Affairs and Energy Resources Council (FAERC) held its eighth meeting of the year 2018, at the Ministry of Finance in Muscat on Thursday.
The meeting was chaired by Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs, FAERC Deputy Chairman.
The Council reviewed a number of topics, including a report on the financial position of the state until October 31 and the expected results of the budget at the end of 2018.
It also examined the most important financial and economic indicators, including the actual position of oil price, revenues, expenditure levels, deficit, banking conditions and credit rating. The Council also discussed the two reports of the State Council and Majlis Ash’shura on the draft general state budget for the fiscal year 2019 and its financial framework.
The Council approved the plan for financing the estimated deficit at the budget whose implementation will start at the beginning of next year.
Further, the Council reviewed some reports by the international organisations on the financial performance of the Sultanate, as well as some reports related to the oil and gas sector. It also reviewed a number of other topics, and took the appropriate decisions in their regard. — ONA
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