MUSCAT: Any surplus resulting from the high oil prices revenues will be used towards settling the country’s debts and for the development, His Majesty Sultan Haitham Bin Tarik said on Wednesday.
“People are talking that oil prices have increased, and therefore the state’s income has increased. We are trying as much as possible to get rid of the debt that we owe. At the same time, the surplus will be spent on the projects we talked about,” His Majesty said.
His Majesty the Sultan said the government’s aim is to pay the debts over a shorter period. The earlier estimated time of repay is over 10-11 years. “We will be able to dispose them quickly,” His Majesty said.
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Earlier His Majesty said issued directives to implement projects that are added to approved projects of the Tenth Five Year Plan (2021-2025). The additional projects, with more than OMR 650 million, will have to be implemented during the remaining period of the 5-year plan in different sectors. His Majesty the Sultan also gave directives to augment by OMR 200 million the financial liquidity of the Developmental Budget’s allocations of this year, to bring the total of the earmarked sum to OMR 1.1 billion.
