Standard & Poor's raised the credit rating of the Sultanate of Oman from (B+) to (BB-) with a stable outlook for the first time since 2015, as a result of improving indicators The state's public finances and the low risk of public debt.
The agency stated in its report that this improvement came with the support of the financial measures taken by the government within the framework of the medium-term financial plan, and the increase in the average selling price of oil and the rate of oil production.
The agency estimated that the Sultanate of Oman would achieve a fiscal surplus of 5.7% of GDP this year, in addition to the fiscal deficit, which was estimated at 4.6% of GDP, according to the agency. What was reported by the Oman News Agency.
The report indicated that the government of the Sultanate of Oman has developed a medium-term plan to reduce dependence on oil revenues, which includes financial measures to reduce public spending and raise its efficiency.
The agency expected that the non-oil sector will be the main engine of growth in the next three years, expecting the growth of non-oil activities at an average of 2.2% during the period 2023-2025, compared to 1 .8% in 2022.
