Muscat — Oman has recorded its first fiscal surplus since 2014 and repaid a significant portion of public debt, reflecting a turnaround after years of economic strain, the Ministry of Economy said.
Dr. Salem Al Sheikh, the official spokesperson for the Ministry of Economy, said the start of the Tenth Five-Year Plan and the launch of Oman Vision 2040 coincided with severe challenges, including the COVID-19 pandemic and a sharp decline in global oil prices.
“These conditions were reflected in negative economic growth and Oman’s exit from investment-grade status,” Al Sheikh said in an interview with Atheer.
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He said that five years on, the Sultanate has achieved a financial surplus for the first time in nearly a decade and has paid down a large instalment of public debt, signalling improved fiscal stability and stronger economic performance.
Oman has implemented wide-ranging fiscal and economic reforms in recent years aimed at strengthening public finances, diversifying revenue sources and restoring investor confidence.
