S&P turns Oman outlook to positive

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

“The government used windfall oil revenue over 2022 to reduce debt to Omani rial (OMR)17.6 billion ($45.7 billion; 40% of GDP) from OMR 20.8 ($54 billion; 61% of GDP) at year-end 2021. We understand that the government repaid OMR 511 million in debt in January 2023 and made additional repayments in March. We estimate year-end 2023 government debt at OMR 16.5 billion ($42.9 billion; 37% of GDP). The reduced debt stock, along with forecast fiscal surpluses in 2023 and 2024, will increase fiscal policy space,” the agency said in a statement.

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