MUSCAT: S&P Global Ratings said it has revised its outlook on Oman to BB with a stable outlook for the first time since 2015.
The positive rating is the result of Oman’s improvement in the state’s public financial indicators and the decrease in the risks of public debt.
Earlier on Friday, the Ministry of Finance announced that it plans to repay loans worth more than OMR 2.85 billion by end of April as part of reducing the state’s public debt.
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In a statement issued, the ministry said the surplus from the “high average selling prices of oil” will be used to reduce the financial deficit and reduce the cost and risks of the public debt portfolio as approved in the state’s general budget for 2022.
“The commitment to pay the installments due for this year is about OMR 2.7 billion,” the ministry said.
