S&P turns Oman view to positive

S&P said it revised its outlook for Oman to positive from stable and affirmed its B+ ratings.

“In our view, the authorities have outlined a solid path to reduce the historically high fiscal deficits, backed by strong political will to implement the related reform measures. In its medium-term fiscal plan (MTFP) for 2021-2025, the government has set out an ambitious target to achieve fiscal balance by 2025. Our fiscal forecasts assume some slippages on spending-related measures and our oil price assumptions put further upward pressure on fiscal deficits in 2023-2024.

“That said, if the government fully implements its reform program and oil prices turn more favorable than we had assumed, the pace of increase in net debt could slow significantly below our current forecast of slightly above 5% of GDP on average over 2021-2024,” S&P said in a press release.

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