“Standard & Poor's” has revised Oman's rating from BB- to BB as Muscat gears up for further economic reforms.
“Standard & Poor's” revealed that its revision of the Sultanate's classification is due to the reforms made by the Omani government in its budget, economic development, and debt repayment.
The Sultanate of Oman has been undertaking fiscal reforms over the past years, which is reflected in reducing its budget deficit and repaying its debts, as the Sultanate's public debt-to-GDP ratio decreased from 60 percent in 2021 to 40 percent in 2022. Oman's fiscal reforms come in line with the overall economic reforms in the Sultanate, and the launch of many promising projects, which gives great impetus to reforms and attracts foreign investment.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
