Financial Affairs and Energy Resources Council meets

Muscat: The Financial Affairs and Energy Resources Council held its seventh meeting for this year 2019 on Thursday at the Ministry of Finance’s building in Muscat under the chair of Darwish bin Ismail Al Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of the Council.

The Council reviewed a number of topics, including a report on the financial position of the country until the end of last November 2019. The council was briefed on the most important financial and economic indicators, including the actual position of the oil price, revenues, levels of spending and deficits, in addition to economic growth, the status of the banking sector, credit rating reports and the performance of the Muscat Securities Market.

The Council reviewed the reports of the State Council and Majlis A’Shura on the state’s general budget project for the fiscal year 2020, as well as the opinions and views of the two councils on the financial situation and the financial framework of the state’s general budget. The council directed the Ministry of Finance to study them in coordination with the relevant government agencies.

The Council decided to go ahead with the procedures for approving the budget for the fiscal year 2020. It emphasized the need to continue implementing measures aimed at rationalizing spending and raising the efficiency and diversification of non-oil revenue sources.

The Council also reviewed the reports of some international institutions on the performance of the Sultanate’s financial sector, and reports related to the oil and gas sectors, in addition to a number of other issues and took appropriate decisions on their regard. –ONA

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