Financial Affairs Council reviews state of economy, budget performance

Muscat - 

The Financial Affairs and Energy Resources Council (FAERC) has held its fifth meeting of 2018 at the Ministry of Finance under the chair of H E Darwish bin Ismail bin Ali al Balushi, Minister Responsible for Financial Affairs and deputy chairman of FAERC.

The Council reviewed the position of the implementation of state budget 2018 and expected results by the end of the year. It reviewed the financial performance indicators for the first seven months of 2018, including actual realised oil price, actual revenues, expenditures and deficit levels.

The council stressed on the importance to continuing control public spending and develop non-oil revenues.

FAERC discussed the basis and assumptions on which to prepare the general budget for the fiscal year 2019, including estimates of oil production and global oil prices scenarios in foreseeable future.

The council also discussed the preliminary estimates of public revenues, public spending, deficit, financing means and the level of public debt, to be re-presented to the Council at the next meeting. It reviewed a number of other topics and took appropriate decisions in their regard.

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