FAERC discusses 2019 draft budget

Muscat - 

The Financial Affairs and Energy Resources Council (FAERC) held its eighth meeting of 2018 at the Ministry of Finance on Thursday. 

The meeting was chaired by H E Darwish bin Ismail al Balushi, Minister Responsible for Financial Affairs and deputy chairman of FAERC.

The Council reviewed a number of topics, including a report on the financial position of the state until October 31, 2018 and the expected results of the budget at the end of 2018. It also examined the most important financial and economic indicators, including the actual position of oil prices, revenues, expenditure levels, deficit, banking conditions and credit rating.

The Council also discussed two reports of the State Council and Majlis A’Shura on the draft general budget for the fiscal year 2019 and its financial framework. It approved the plan for financing the estimated deficit in the budget. The new budget implementation will start at the beginning of next year.

Further, the Council reviewed some reports by the international organisations on the financial performance of the sultanate, as well as some reports related to the oil and gas sector.

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