• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

S&P revises Oman outlook to positive on higher oil prices, reforms

October 2, 2021 by David Barret Leave a Comment

October 2, 2021

DUBAI (Reuters) – S&P Global Ratings said on Saturday it had revised its outlook on Oman to positive from stable due to higher oil prices and fiscal reform plans that are expected to narrow state deficits and slow a rise in debt levels over the next three years.

The ratings agency affirmed Oman’s ‘B+/B’ long- and short-term foreign and local currency sovereign credit ratings.

Oman, a relatively small oil producer, is more sensitive than its hydrocarbon-rich Gulf neighbours to oil price swings, meaning it was hit especially hard by 2020’s price crash and the COVID-19 pandemic.

“Economic and fiscal pressures on Oman are easing, as the effects of the sharp drop in oil prices in 2020 and the COVID-19 pandemic abate,” S&P said in a statement.

It expected the fiscal deficit to decrease to 4.2% of gross domestic product this year from 15.3% of GDP in 2020.

But lower oil prices from 2023 would result in a worsening fiscal trajectory despite planned reforms, it said, adding that total funding needs — fiscal deficit plus maturing debt — would remain high, averaging about 12% of GDP through 2024.

Oman’s debt as share of GDP hit nearly 80% last year having been little more than 5% in 2015. The International Monetary Fund last month estimated that total government debt is expected to drop to 70% this year.

The sultanate has begun measures in the past year to fix its finances, including the introduction of a value-added tax and the decision to work with the IMF to develop a debt strategy.

(Reporting by Ghaida Ghantous; Editing by Alexander Smith)

Source Link S&P revises Oman outlook to positive on higher oil prices, reforms

David Barret
David Barret

Related posts:

  1. Special Report-How the Chinese tycoon driving Volvo plans to tackle Tesla
  2. Taiwan lands fighters on highway as annual drills reach peak
  3. Euro zone production stronger than expected in July
  4. Aurora Cannabis targets more cost cuts on path to profitability

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • An “Unknown Biogeographic Barrier” Stops Deep-Sea Jellyfish Crossing The Atlantic
  • Some Giant Predatory Dinosaurs Had Barks (Or At Least Slashes) Worse Than Their Bite
  • World-First Gene Therapy Improves Vision For Man With Rare, Previously Untreatable Form Of Blindness
  • Exceptional 183-Million-Year-Old Fossil With Soft Tissues Intact Is New Species Of Giant Marine Reptile
  • White Raven: This Normally Black Bird Can Be Surprisingly Pale
  • Solar Systems 100 Times Smaller Than Ours Are Possible – Thanks To Rogue Planets
  • North Sea “Sinkites” Appear To Defy Rules Of Geology On Never-Before-Seen Scale
  • The Iberian Ribbed Newt Might Just Have The World’s Most Metal Defense Mechanism
  • There’s Only One Black Moon In 2025 And It’s Happening This Month
  • For First Time In Decades, Winter-Run Chinook Salmon Spotted In Upstream Californian River
  • JWST Shines New Light On 2500 Sources In Iconic Hubble Ultra Deep Field Image
  • Humans And Neanderthals Hooked Up Three Times. Here’s Where It Happened
  • What Happened To Percy Fawcett? The Explorer Who Went In Search “The Lost City Of Z”
  • COVID-19 And Flu Could “Reignite” Dormant Cancer Cells And Bring On New Tumors
  • Do Hair And Nails Really Grow Faster In Summer?
  • Wondrous And Worrying Sights: What Explorers Discovered At The Bottom Of The Great Blue Hole
  • What’s The Biggest Volcano In The World? It Depends How You’re Measuring
  • “Every Species On The Planet Self-Medicates In Some Way”: How Wild Animals Use Medicine
  • Deepest Complex Ecosystem Ever Discovered 10 Kilometers Below The Sea, 892-Kilometer “Megaflash” Lightning Sets New World Record, And Much More This Week
  • The Life And Death Of David Vetter, The Boy Who Lived His Whole Life In A Bubble
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version