Oman’s Public Debt Reduced to $37.6 Billion

According to the Ministry of Finance, Oman has reduced its public debt by 14.5 billion rials (equivalent to $37.6 billion), down from the RO15.3 billion recorded at the end of 2023. These efforts have led to a decrease in the ratio of public debt to gross domestic product (GDP) from 36.5% in 2023 to 33.9% in the first half of 2024.

Payment of 1.8 billion dollars towards the maturity of “Sukuk” bonds

Additionally, Oman has paid off RO700 million (equivalent to $1.8 billion) towards the maturity of its international Islamic sukuk bonds. This action has contributed to the reduction of the public debt-to-GDP ratio and the enhancement of Oman’s economic growth in the first half of 2024.

The Ministry of Finance has stated that financial surpluses have been directed towards social spending, stimulating economic growth, managing financial commitments, reducing public debt, and building financial reserves. These actions reflect Oman’s efforts to strengthen its economy and achieve its long-term development goals.

Source: Oman’s Public Debt Reduced to $37.6 Billion (forbesmiddleeast.com)