Starting in 2020, Oman has pursued a series of fiscal reforms to move state finances away from continual deficits and high levels of debt. Since 2022, higher oil prices have helped Oman reach and sustain budget surpluses, which it has used to pay down large amounts of debt. In the eyes of international rating agencies, debt, that is to say low debt, is seen as a clear measure of the state’s fiscal health, and recently released figures read as a favorable prognosis.
According to finance ministry data, Oman repaid roughly $2.3bn of public debt in the first half of the year. Net debt now stands at $37.4bn, down from $42.3bn from the same time last year, and $39.7bn at the start of 2024 (see chart 1). (CONTINUED - 672 WORDS)
