Oil prices spur fiscal review ahead of budget in Oman

Muscat: The Financial Affairs and Energy Resources Council (FAERC) held its 7th meeting for 2018 at the Ministry of Finance in Muscat on Monday under the chair of Darwish bin Ismail Al Balushi, Minister Responsible for Financial Affairs, FAERC Deputy Chairman.
It reviewed a range of issues, including the recent developments in oil prices and their possible implications on the state budget for the fiscal year 2019.
Further, the Council reviewed a number of precautionary fiscal measures to address any sharp drop in prices compared to the estimated budget rate to ensure compliance with the estimated deficit and not exceeding it.
The Council also discussed some reports on the activation of the privatisation programme in the energy sector, the amendment of some regulations related to the participation of non-Omani companies in future electricity projects, as well as a number of other topics upon which appropriate decisions were taken.