Finance minister reviews growth, crude oil prices

Muscat: The Financial Affairs and Energy Resources Council (FAERC) held on Tuesday the fourth meeting of this year 2019 at the Ministry of Finance in Muscat chaired by Darwish bin Ismail bin Ali Al Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of FAERC.
The Council reviewed the latest developments in the global economic situation and their impact on the national 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, as well as the accelerated decline in oil prices since mid-May to date and the consequences of oil prices’ falling.
The council reviewed some of the financial performance indicators until the end of April 2019. These included general revenues, expenditure levels, actual deficit and deficit financing instruments, and approved a number of steps aimed at achieving financial sustainability.
The meeting also included a presentation on the executive procedures for the application of the excise tax, in addition to reviewing a number of other subjects, in which appropriate decisions were taken in their regard.