Focus on enhancing diversification, rationalising spending

MUSCAT: The Financial Affairs and Energy Resources Council held a meeting on Thursday under the chairmanship of Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of the Council.

During the meeting, 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 Ash’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 emphasised the need to continue implementing measures aimed at rationalising 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.