The Ministry of Finance in the Sultanate of Oman revealed a reduction of 500 million Omani riyals (1.3 billion dollars) in the state’s general budget for the current year.
This is due to the reduction of 5% in the military and security credits and 10% in the development credits and other government measures that have been taken.
The government is currently working to review the measures taken and put new financial and economic measures in line with achieving the economic stability of the Sultanate and the targeted growth in the state's general budget.
In March, Moody's downgraded the Sultanate’s credit rating to a higher level at higher risk levels. It attributed this to the decline in the country's financial strength, as evidenced by the increase in government debt and weak measures of debt sustainability. The agency downgraded the rating to Ba2 from Ba1 and revised the outlook to stable.
As a result of the Corona epidemic, the Sultanate of Oman also closed all shops and outlets inside and outside the commercial centers.
According to the Omani Supreme Committee to discuss the mechanism to deal with the developments resulting from the spread of Corona, food and consumer catering stores, clinics, pharmacies, and optical stores. has been excluded from this decision.
Source (Al-Arabiya.net website, Edited)
