MUSCAT: Credit rating agency Moody’s credit raised the outlook on the credit capacity of Oman from stable to positive while maintaining the rating at Ba3.
Earlier this week, Fitch Ratings revised up its outlook for Oman’s long-term foreign currency Issuer Default Rating (IDR) to ‘stable’ due to the significant improvement in the country’s fiscal metrics.
Meanwhile, International Monetary Fund (IMF) said Oman’s debt declined to
62.9 percent of GDP in 2021 and it is expected to decline to about 44 percent of GDP in 2022.
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According to IMF, Oman’s economic recovery is gaining traction, supported by revival in the hydrocarbon sector and the relaxation of Covid-19 social restrictions.
“Overall GDP growth rebounded from -3.2 percent in 2020 to 3.0 percent in 2021, and is projected at 4.3 percent in 2022, supported by increased hydrocarbon production and continued recovery of non-hydrocarbon economic activity,” said IMF official Daniel Kanda.
