Muscat: The recent surge in Oman’s credit rating, particularly noted by reputable institutions like Standard & Poor’s, has been met with praise from industry leaders and economists. Engineer Muhammad bin Abu Bakr Al-Ghassani, Chairman of the Development Bank’s Board of Directors, emphasized the government’s focused efforts on optimizing spending, boosting non-oil revenues, and curbing public debt, all of which have contributed significantly to this positive outcome.

Al-Ghassani highlighted the significant strides in Oman’s credit rating, particularly emphasizing the rise from BB to BB+ with a positive outlook, as assessed by Standard & Poor’s, from March 2023 to March 2024. He attributed this success to the government’s prudent financial management, which optimized spending, increased revenue streams, and tackled high-cost public debts, aligning with the nation’s economic sustainability program.

Al-Ghassani emphasized the impact of improved credit ratings on investor confidence, lower borrowing costs, and the potential for attracting foreign investments vital for economic diversification and achieving the “Oman 2040” vision’s objectives.

Echoing these sentiments, Dr. Yousef bin Hamad Al Balushi, an economic expert, highlighted the broader positive implications of enhanced credit ratings, including access to cost-effective financing critical for economic expansion and project implementation. He emphasized the role of credit ratings in shaping investment decisions and expressed optimism about Oman’s economic trajectory.

Dr Khalid bin Saeed Al Ameri, Chairman of the Oman Economic Association, noted the tangible improvements in Oman’s creditworthiness, citing the shift in outlook from stable to positive by Standard & Poor’s. He emphasized that this positive trajectory reflects the success of national economic policies, contributing to a favourable investment environment and increased confidence in Oman’s economy.