Muscat: The Financial Affairs and Energy Resources Council (FAERC) on Wednesday held its fifth meeting for 2019 under its Deputy Chairman Darwish bin Ismail al Balushi, Minister Responsible for Financial Affairs.

The council reviewed the  implementation of the state general budget for the fiscal year 2019 and the forecast results. It also discussed the financial performance for the first seven months of the year, actual revenues and levels of expenditure and deficit. The council also stressed the importance of continuing to control public spending and boost non-oil revenues.

The FAERC also discussed the basis upon which the state general budget for the fiscal year 2020 will be prepared, including estimates of oil production and scenarios of global oil prices.