Oman’s Fiscal Turnaround, A Deep Dive into the 2023 Debt Reduction and 2024 Budgetary Plans
In a noteworthy fiscal turnaround, Oman’s public debt has seen a substantial reduction, dropping to 35% of the GDP in 2023 from nearly 70% in 2020. This commendable shift is attributed to the sultanate’s fiscal reforms and a boost from higher-than-expected oil prices. The 2023 debt-to-GDP ratio of 35% reflects Oman’s commitment to responsible financial management, marking a significant improvement from previous years. The unexpected surplus of approximately RO931 million in the 2023 budget underscores the success of proactive measures and prudent fiscal policies. Looking ahead, Oman’s 2024 budget prioritizes stability, debt reduction, and strategic deficit financing to strengthen the nation’s economic resilience further.
U.S. dollar share of global reserves rises in Q1; euro share slips
The U.S. dollar’s share of currency reserves reported to the International Monetary Fund edged up to 59.5% in the first quarter of the year, from 58.9% in the previous quarter, IMF data showed on Wednesday.
