Deficit dipped last year compared to year before

The Financial Affairs and Energy Resources Council discussed a report on the government’s financial status as of March 31

MUSCAT: The Financial Affairs and Energy Resources Council approved the accounts which showed 30 per cent decline in the deficit in 2017 compared to the fiscal year 2016. The council reviewed a report on the final accounts of the state budget for the fiscal year ending December 31, 2017, the results of the actual implementation of the state’s general budget.

The meeting was held under the chairmanship of Darwish bin Isma’eel bin Ali Al Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of the Council.

As part of its follow up for the local and global financial and economic developments, the council discussed a report on the financial status of the state as on March 31.

The council reviewed the key economic, social and financial indicators including the realised oil price, the state’s actual revenues, expenditure, deficit levels, the banking sector conditions 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 procedures taken by the government during the past period coupled with oil price recovery.

It also reviewed some reports on oil, gas and petrochemical industries, in addition to a number of other topics and took necessary actions towards them.