There is a 30-per cent decline in 2017 deficit compared to the fiscal year 2016, as per the report on financial accounts reviewed by the Financial Affairs and Energy Resources Council on Monday.
The council held its third meeting of the year under the chairmanship of Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of the Council. The council reviewed the report on the final accounts of the state budget for the fiscal year ending on December 31, 2017, the results of the actual implementation of the budget. The council also approved these accounts which showed 30 per cent decline in the deficit compared to the fiscal year 2016.
As part of its follow-up on local and global financial and economic developments, the council discussed a report on the financial status of the state budget as on March 31, 2018. The council also reviewed key economic, social and financial indicators, including oil price, state’s actual revenues, expenditure, deficit levels, banking sector and the credit rating for the Sultanate. The council noticed improvement in the results of the first quarter for 2018 as the actual deficit declined by 52 per cent, compared to the realised deficit during the same period in 2017 — thanks to the measures and steps taken by the government during the period coupled with recovery in oil prices. — ONA