FAERC meeting discusses state of economy, oil prices

June 11, 2019

The Financial Affairs and Energy Resources Council (FAERC) held its fourth meeting of 2019 at the Ministry of Finance on Tuesday chaired by H E Darwish bin Isma'eel bin Ali al Balushi, Minister Responsible for Financial Affairs and deputy chairman of the FAERC.

The council reviewed the latest developments in the global economic situation and their impact on Oman’s economy and public finances, including the slowdown in global economic growth.

It also reviewed the latest developments in oil prices and trends in the foreseeable future. The meeting also discussed accelerated declines in oil prices since mid-May and its impact on Oman’s economy.

The council reviewed some of the financial performance indicators until the end of April 2019. These indicators included general revenues, expenditure levels, actual deficit and deficit financing instruments, and approved a number of steps aimed at achieving financial sustainability.

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