Thursday 13 / February / 2025
Muscat: The Financial Affairs and Energy Resources Council (FAERC) held its first meeting of 2020 at the Ministry of Finance on Monday under auspices of Darwish bin Ismaeel Al Balushi, Minister Responsible for Financial Affairs, FAERC Deputy Chairman.
The meeting began with a review of the topics of the recent Royal speech of His Majesty Sultan Haitham bin Tarik, which outlined the features of the next phase of the blessed Omani Renaissance.
The Council pledged to carry out the Royal directives, to achieve financial balance, sustain the national economy and direct financial resources in the most ideal manner to ensure the reduction of debts and increase of income.
This is in addition to upgrading the performance of government companies so that they could realise their economic goals. The Council also reviewed replies to comments of the State Council and Majlis Al Shura about the State’s Budget 2020, the financial position of the Sultanate and communication with respective government departments in this regard. The Council will forward its statements to the Council of Ministers.
The Council also studied the deficit funding plan for Budget 2020, report on recent developments in oil prices, their impact on Fiscal Year 2020 and a preliminary report on the 2019 closing account.
Other topics discussed by the Council included a report on the State’s General Reserve Fund’s (SGRF) activities of the 3rd quarter 2019, among other issues.
